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December 2016 M&A and Investment Summary

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Page 1: December 2016 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 3 | M&A and Investment Summary December 2016 M&A and Investment Summary for All Segments

December 2016 M&A and Investment Summary

Page 2: December 2016 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 3 | M&A and Investment Summary December 2016 M&A and Investment Summary for All Segments

2 | M&A and Investment Summary December 2016

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

Monthly M&A and Investment Activity by Industry Segment 8 2

Additional Monthly M&A and Investment Activity Data 40 3

About Petsky Prunier 52 4

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.

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3 | M&A and Investment Summary December 2016

M&A and Investment Summary for All Segments

Transaction Distribution

A total of 415 deals were announced in December 2016, of which 260 were worth $25.2 billion in aggregate reported value

Software was the most active segment with 124 deals announced — 83 of these transactions reported $8.6 billion in value

Digital Media/Commerce was also active with 100 transactions announced, of which 71 were worth a reported $5.7 billion in value

Strategic buyers announced 171 deals (44 reported $12.7 billion in value)

VC/Growth Capital investors announced 222 transactions (207 reported $6.0 billion in value)

Private Equity investors announced 22 deals during the month (nine reported $6.5 billion in value)

* AT&T’s $108 billion acquisition of Time Warner has been excluded to limit comparative distortions

# % $MM % # $MM # $MM # $MM

Software 128 31% $8,582.2 34% 49 $5,681.6 5 $1,850.0 74 $1,050.6

Digital Media/Commerce 100 24% 5,699.2 23% 31 1,867.7 3 213.5 66 3,618.0

Marketing Technology 75 18% 6,924.6 27% 16 3,037.0 3 3,378.6 56 509.1

Business Services 39 9% 1,282.1 5% 26 157.5 4 877.3 9 247.3

Agency & Marketing Services 25 6% 334.5 1% 25 334.5 0 - 0 -

Digital Advertising 18 4% 364.3 1% 7 14.5 1 189.7 10 160.1

Traditional Media 18 4% 1,898.9 8% 14 1,508.7 2 12.2 2 378.0

Information 12 3% 114.3 0% 3 52.7 4 - 5 61.6

Total 415 100% 25,200.0 100% 171 12,654.1 22 6,521.2 222 6,024.7

December 2016

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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4 | M&A and Investment Summary December 2016

Transaction Distribution

Reported transaction value in December remained flat from November 2016 and was up more than 75 percent from December 2015

Strategic activity accounted for 41 percent of reported deal activity during the month and included significant transactions:

• Roper Technologies’ acquisition government contractor software developer Deltek in a transaction valued at $2.8 billion

• The acquisition of small business cloud hosting company Host Europe Group by GoDaddy from Cinven for a reported $1.8 billion,

including debt

• The $821 million acquisition of content management and collaboration solutions company Intralinks by Synchronoss Technologies

• Netmarble Games’ acquisition of mobile gaming studio Kabam in a transaction valued between $700 million and $800 million

• The purchase of music and video data company Gracenote by Nielsen for a reported $560 million from Tribune Media

$20.6$21.3

$73.1

$21.3$25.4 $25.2

$13.7

$42.6

$24.9 $22.1$14.4

$44.7

$33.7

415407 413 427 433 404 432 491 427 473 463 450 419 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Supercell / Tencent

LinkedIn / Microsoft

IMS Health

HP IT / CSC

MultiPlan

NetSuite

HP Software

*Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of

NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division,

Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.

M&A and Investment Summary for All Segments

TeamHealth

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5 | M&A and Investment Summary December 2016

Selected Transactions with Valuation Information Disclosed ($ in Millions)

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Agency & Marketing Services

National Pen Company Ad Specialty/Premiums Cimpress N.V. 218.0$ 275.0$ -$ 0.8x NA

Perk.com, Inc. Loyalty/Retention RhythmOne 42.0 70.5 4.7 0.6x 9.0x

Kameleon Worldwide Limited Digital Agency Be Heard Group plc 12.6 3.6 0.8 3.5x 16.2x

Crave & Lamb Digital Agency Ve Interactive Ltd. 3.8 10.3 - 0.4x NA

Business Services

TriNet Group, Inc. BPO Atairos Group, Inc. 2,028.0 2,974.9 144.0 0.7x 14.1x

Lionbridge Technologies, Inc. IT Consulting/Systems Integration H.I.G. Capital LLC 435.3 556.7 39.0 0.8x 11.2x

YDC Corporation IT Consulting/Systems Integration Future PLC 23.7 43.5 - 0.5x NA

Bigdatapump Oy IT Consulting/Systems Integration Affecto Plc 6.7 3.4 - 2.0x NA

Digital Advertising

AtHome Group and Casa.it Vertical Search Oakley Capital Investments, Ltd. 189.7 34.4 6.3 5.5x 30.1x

Car.com, Inc., Automotive Specialty Finance Leads Business Assets Online Lead Generation Internet Brands, Inc. 3.2 6.4 0.5 0.5x 6.4xNA

Digital Media/Commerce

Mail.Ru Web Search/Portals MegaFon 3,966.5 604.2 205.0 6.6x 19.4x

Marketing Technology

NeuStar, Inc. Marketing Data Golden Gate Capital 2,870.6 1,165.1 420.1 2.5x 6.8x

Host Europe Holdings Ltd. Website Creation/Hosting GoDaddy 1,808.1 - 139.0 NA 13.0x

Strato AG Website Creation/Hosting United Internet AG 623.9 137.9 - 4.5x NA

Radiate Media, Inc. Content Management Global Traffic Network, Inc. 15.0 44.7 1.2 0.3x 12.6x

Software

Deltek, Inc. HR Software Roper Technologies, Inc. 2,800.0 535.0 200.0 5.2x 14.0x

Optiv Security, Inc. Security Software Kohlberg Kravis Roberts & Company L.P. 1,850.0 - 154.0 NA 12.0x

Intralinks Holdings Collaboration Software Synchronoss Technologies, Inc. 854.5 290.4 20.0 2.9x 42.7x

3M's Document Reader & Secure Materials Businesses Assets Security Software Gemalto NV 850.0 215.0 - 4.0x NA

6PM plc Healthcare Software Idox, Plc. 37.7 16.4 4.3 2.3x 8.9x

Conveyancing Alliance Limited Legal Software ULS Technology plc 16.6 6.5 - 2.6x NA

Traditional Media

oOh!media Group Limited Traditional Outdoor APN Outdoor Pty. Limited 633.1 225.3 48.6 2.8x 13.0x

Allworld Exhibitions Alliance Ltd. B-to-B Media UBM plc 485.0 97.2 37.6 5.0x 12.9x

Daypoets Co., Ltd. Consumer Magazine Publishing Polaris Capitol Limited 12.2 3.4 - 3.6x NA

Selected Transactions With Multiples Information

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6 | M&A and Investment Summary December 2016

Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Dec-16 AppDynamics, Inc. United States Software 100.0$ 206.2$ NA

Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA

Nov-16 Snap, Inc. United States Digital Media/Commerce 4,000.0 NA NA

Nov-16 Optiv Security Inc. United States Business Services 100.0 NA NA

Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA

Oct-16 Carbon Black, Inc. United States Software NA NA NA

Sep-16 Tintri, Inc. United States Software 100.0 NA NA

Aug-16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA

Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA

Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0

LTM

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7 | M&A and Investment Summary December 2016

LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Dec 30, 2016 1st Trading Day

Dec-16 NasdaqGS:TRVG trivago N.V. Germany $13.00-$15.00 11.00 $11.85 up 7.7% 11.75 (0.8%)

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 27.63 16.6%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.01 (23.7%)

Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 26.56 (28.2%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 27.67 (8.1%)

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 18.53 (17.8%)

Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 10.19 (33.2%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 18.45 25.5%

Jul -16 Nasdaq:TLND Talend SA France 15.00-17.00 18.00 25.50 up 42% 22.20 (12.9%)

Jul -16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 34.01 (18.2%)

Jun-16 NYSE:TWLO Twi l io Inc. United States 12.00-14.00 15.00 28.79 up 92% 28.85 0.2%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 9.94 (48.9%)

May-16 NYSE:COTV Cotivi ti Holdings , Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 34.40 89.6%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 10.59 (23.7%)

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc United Kingdom 18.00-20.00 21.00 27.78 up 32% 24.08 (13.3%)

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 20.72 127.7%

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8 | M&A and Investment Summary December 2016

Digital Media/Commerce

Of the total $5.7 billion in value reported in the Digital Media/Commerce segment, $3.6 billion in Venture/Growth Capital investments

were announced, while nearly $1.9 billion in strategic acquisitions investments were made

eCommerce was the most active subsegment across all segments with 32 transactions announced, of which 23 were reported for

$2.8 billion. Select investments from the subsegment include:

• The $1.2 billion round of funding received by Koubei, Alibaba’s on-demand services division, at a reported valuation of $8 billion

from Silver Lake Management, Yungfeng Capital, and China’s Sovereign Wealth Fund

Select Digital Media/Commerce transactions include:

• The acquisitions of Delivery Hero’s UK-based business Hungry House and Canada-based food delivery startup SkipTheDishes by Just

Eat for a reported $300 million and $82 million, respectively

• The $50 million total raised by virtual reality games developer Survios in two separate investments from Metro-Goldwyn-Mayer and

Lux Capital

• The Hollywood Reporter-Billboard Media Group’s acquisition of SpinMedia’s Spin, Vibe, Death and Taxes, and Stereogum music

brand assets (A Petsky Prunier-led transaction)

* Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions

# % $MM % # $MM # $MM # $MM

eCommerce 32 32% $2,849.1 50% 7 $398.8 2 - 23 $2,450.3

Mobile Content/Apps 18 18% 222.6 4% 4 - 0 - 14 222.6

Social Media/Apps 14 14% 243.0 4% 4 20.0 0 - 10 223.0

Digital Marketplace 13 13% 294.1 5% 2 - 1 213.5 10 80.6

Niche Content 12 12% 593.4 10% 7 58.9 0 - 5 534.5

Gaming 10 10% 857.0 15% 6 750.0 0 - 4 107.0

Web Search/Portals 1 1% 640.0 11% 1 640.0 0 - 0 -

Total 100 100% 5,699.2 100% 31 1,867.7 3 213.5 66 3,618.0

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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9 | M&A and Investment Summary December 2016

Digital Media and Internet Public Company Valuation (1/2)

*Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. 792.45 -6% $ 539,069.5 $ 459,951.5 $ 85,537.0 $ 28,294.0 33.1% 19.2% 5.4x 16.3x

Apple Inc. 115.82 -2% 617,588.5 636,744.5 215,639.0 70,529.0 32.7% -7.7% 3.0x 9.0x

Blucora, Inc. 14.75 -7% 615.4 1,005.2 372.0 $67.6 18.2% NA 2.7x 14.9x

Facebook, Inc. 115.05 -15% 331,593.7 305,453.7 24,670.0 12,863.0 52.1% 54.8% 12.4x 23.7x

Fitbit, Inc. 7.32 -76% 1,637.8 965.7 2,307.3 210.6 9.1% 52.1% 0.4x 4.6x

Glu Mobile Inc. 1.94 -52% 258.9 111.4 215.3 (48.3) NM -17.7% 0.5x NM

GoPro, Inc. 8.71 -58% 1,224.3 999.4 1,081.5 (341.4) NM -40.5% 0.9x NM

IAC/InterActiveCorp 64.79 -6% 5,137.2 5,548.3 3,177.4 390.0 12.3% -1.1% 1.7x 14.2x

Leaf Group Ltd. 6.55 -11% 129.3 77.6 113.9 (20.7) NM -15.3% 0.7x NM

MeetMe, Inc. 4.93 -39% 290.2 244.5 66.8 21.6 32.4% 33.4% 3.7x 11.3x

Netflix, Inc. 123.80 -4% 53,128.8 54,159.5 8,176.5 344.6 4.2% 26.9% 6.6x NM

Pandora Media, Inc. 13.04 -14% 3,042.7 3,122.4 1,328.4 (199.9) NM 21.2% 2.4x NM

RealNetworks, Inc. 4.86 -5% 179.7 98.9 118.9 (26.5) NM -9.1% 0.8x NM

TheStreet, Inc. 0.85 -45% 30.0 6.0 64.5 (0.6) NM -5.0% 0.1x NM

Twitter, Inc. 16.30 -38% 11,563.11 9,553.15 2,522.89 41.67 1.7% 27.0% 3.8x NM

WebMD Health Corp. 49.57 -27% 1,819.2 1,824.7 689.7 176.8 25.6% 13.6% 2.6x 10.3x

XO Group Inc. 19.45 -7% 494.9 393.5 149.3 20.5 13.7% 6.2% 2.6x 19.2x

Yahoo! Inc. 38.67 -14% 36,896.0 4,110.8 4,973.4 822.2 16.5% 0.5% 0.8x 5.0x

Zynga Inc. 2.57 -17% 2,292.3 1,421.5 736.6 (43.6) NM -4.5% 1.9x NM

Average 1.8x 11.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (18.9x)

US-Based Digital Media and Internet

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10 | M&A and Investment Summary December 2016

Digital Media and Internet Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 164.41 -18% $57,035.6 $52,005.0 $10,651.2 $2,800.0 26.3% 15.1% 4.9x 18.6x

Changyou.com Limited China 21.22 -30% 1,078.1 259.4 556.8 156.2 28.1% -31.7% 0.5x 1.7x

CyberAgent Inc. Japan 24.74 -12% 3,109.4 2,694.3 3,067.5 432.3 14.1% 22.1% 0.9x 6.2x

DeNA Co., Ltd. Japan 21.88 -35% 3,173.7 2,558.0 1,435.3 355.1 24.7% -0.1% 1.8x 7.2x

G5 Entertainment AB (publ) Sweden 11.24 -4% 98.9 92.9 50.6 5.5 10.8% 18.7% 1.8x 17.0x

Gree, Inc. Japan 5.28 -9% 1,239.2 540.0 646.5 125.2 19.4% -24.2% 0.8x 4.3x

International Game Technology PLC United Kingdom 25.52 -20% 5,130.4 13,067.3 5,197.6 1,605.5 30.9% 23.3% 2.5x 8.1x

KongZhong Corporation China 6.94 -8% 326.9 247.7 181.2 17.9 9.9% -8.6% 1.4x 13.9x

Mixi, Inc. Japan 36.57 -10% 2,994.6 1,974.2 1,976.0 883.2 44.7% 15.5% 1.0x 2.2x

Meitu, Inc. * China 1.08 -3% 213.0 1,261.9 172.5 (106.9) NM 0.0% 7.3x NM

NCsoft Corporation South Korea 205.58 -19% 4,366.7 3,756.9 851.0 305.0 35.8% 11.9% 4.4x 12.3x

Naver Corporation South Korea 643.75 -14% 18,756.9 16,506.0 3,479.1 1,021.1 29.3% 23.1% 4.7x 16.2x

NetEase, Inc. China 215.34 -21% 28,312.3 24,172.2 5,095.4 1,719.2 33.7% 85.1% 4.7x 14.1x

NEXON Co., Ltd. Japan 14.51 -18% 6,308.4 4,040.3 1,833.5 551.1 30.1% -0.9% 2.2x 7.3x

Pacific Online Ltd. China 0.26 -20% 283.1 241.9 162.0 33.2 20.5% 0.1% 1.5x 7.3x

Phoenix New Media Limited China 3.14 -47% 224.5 139.7 219.5 14.9 6.8% -9.4% 0.6x 9.4x

Renren Inc. * China 1.59 -57% 541.0 564.7 46.5 (84.7) NM 211.7% 12.2x NM

HolidayCheck Group AG * Germany 2.44 -34% 142.0 106.4 125.5 3.0 2.4% 1.0% 0.8x 35.1x

Weibo Corporation * China 40.60 -27% 8,757.5 8,282.4 592.1 122.5 20.7% 36.4% 14.0x 67.6x

WeMade Entertainment Co., Ltd. South Korea 18.52 -45% 307.5 286.4 107.2 13.2 12.3% -11.3% 2.7x 21.7x

Yandex N.V. Netherlands 20.13 -16% 6,477.8 5,800.7 1,141.4 336.5 29.5% 27.6% 5.1x 17.2x

YY Inc. China 39.42 -38% 2,182.4 1,926.8 1,142.5 286.4 25.1% 47.4% 1.7x 6.7x

Average 1.7x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (29.4x)

Internationally-based Digital Media and Internet

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11 | M&A and Investment Summary December 2016

eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

1-800-FLOWERS.COM, Inc. 10.70 -6% $698.5 $927.6 $1,182.8 $75.5 6.4% 2.8% 0.8x 12.3x

Alphabet Inc. 792.45 -6% 539,069.5 459,951.5 85,537.0 28,294.0 33.1% 19.2% 5.4x 16.3x

Amazon.com, Inc. 749.87 -11% 356,313.1 356,954.1 127,993.0 10,963.0 8.6% 27.2% 2.8x 32.6x

Apple Inc. 115.82 -2% 617,588.5 636,744.5 215,639.0 70,529.0 32.7% -7.7% 3.0x 9.0x

Blucora, Inc. 14.75 -7% 615.4 1,005.2 372.0 67.6 18.2% NA 2.7x 14.9x

Blue Nile, Inc. 40.63 -2% 476.6 436.5 471.9 16.4 3.5% -3.2% 0.9x 26.6x

CafePress Inc. 2.94 -26% 49.0 13.5 96.8 (0.9) NM -16.0% 0.1x NM

CDW Corporation 52.09 -6% 8,360.8 11,961.6 13,907.9 1,065.2 7.7% 10.2% 0.9x 11.2x

Chegg, Inc. 7.38 -14% 674.1 583.9 259.2 (5.8) NM -18.4% 2.3x NM

Copart, Inc. 55.41 -3% 6,349.2 6,925.0 1,325.6 468.3 35.3% 15.8% 5.2x 14.8x

eBay Inc. 29.69 -11% 33,191.2 34,177.2 8,906.0 3,026.0 34.0% 3.6% 3.8x 11.3x

Etsy, Inc. 11.78 -27% 1,361.4 1,102.9 342.7 37.0 10.8% 36.8% 3.2x 29.8x

EVINE Live Inc. 1.50 -38% 96.3 142.7 687.2 13.1 1.9% 0.6% 0.2x 10.9x

Expedia, Inc. 113.28 -15% 16,995.4 19,960.3 8,379.3 1,016.9 12.1% 32.4% 2.4x 19.6x

FTD Companies, Inc. 23.84 -17% 649.0 913.7 1,140.0 101.7 8.9% 5.6% 0.8x 9.0x

GrubHub Inc. 37.62 -16% 3,220.0 2,923.4 455.8 104.8 23.0% 36.0% 6.4x 27.9x

HSN, Inc. 34.30 -39% 1,790.1 2,349.5 3,592.3 290.0 8.1% -3.2% 0.7x 8.1x

IAC/InterActiveCorp 64.79 -6% 5,137.2 5,548.3 3,177.4 390.0 12.3% -1.1% 1.7x 14.2x

Liberty Ventures 36.87 -15% 3,149.0 4,686.0 535.0 (22.0) NM -53.4% 8.8x NM

Liquidity Services, Inc. 9.75 -15% 305.1 170.6 316.5 (8.6) NM -20.3% 0.5x NM

Match Group, Inc. 17.10 -13% 4,353.3 5,343.3 1,170.4 320.1 27.4% 18.0% 4.6x 16.7x

Overstock.com, Inc. 17.50 -11% 444.2 367.5 1,754.1 (0.4) NM 6.4% 0.2x NM

PetMed Express, Inc. 23.07 -3% 467.3 415.4 239.6 35.1 14.7% 5.3% 1.7x 11.8x

The Priceline Group Inc. 1,466.06 -8% 72,342.7 75,309.6 10,394.6 4,009.5 38.6% 14.7% 7.2x 18.8x

QVC Group $19.98 -27% 9,337.6 15,563.6 10,320.0 1,775.0 17.2% 18.3% 1.5x 8.8x

Shutterfly, Inc. 50.18 -8% 1,703.4 2,011.6 1,121.1 134.6 12.0% 12.7% 1.8x 14.9x

Shutterstock, Inc. 47.52 -27% 1,669.3 1,378.9 480.1 65.1 13.6% 19.9% 2.9x 21.2x

Spark Networks, Inc. 0.84 -78% 26.8 15.4 38.1 (2.2) NM -26.4% 0.4x NM

Stamps.com Inc. 114.65 -7% 1,955.06 2,035.69 328.29 120.63 36.7% 76.6% 6.2x 16.9x

U.S. Auto Parts Network, Inc. 3.52 -22% 123.1 127.1 300.0 9.2 3.1% 2.0% 0.4x 13.8x

Wayfair Inc. 35.05 -29% 2,998.3 2,734.3 3,135.6 (136.1) NM 63.4% 0.9x NM

Average 1.8x 12.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (23.2x)

US-based eCommerce

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12 | M&A and Investment Summary December 2016

eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

58.com Inc. * China 28.00 -57% $ 4,051.7 $ 4,038.2 $ 1,090.8 $ (13.3) NM 102.1% 3.7x NM

Alibaba Group Holding Limited * China 87.81 -20% 219,525.0 222,505.8 18,768.5 6,546.9 34.9% 45.5% 11.9x 34.0x

Cnova N.V. * Netherlands 5.48 0% 2,418.3 2,568.4 2,493.6 (42.3) NM -37.5% 1.0x NM

JD.com, Inc. * China 25.44 -16% 36,137.6 35,212.9 35,167.1 (39.2) NM 45.3% 1.0x NM

Jumei International Holding Limited China 5.01 -45% 734.6 291.2 1,113.4 20.2 1.8% 26.2% 0.3x 14.5x

LightInTheBox Holding Co., Ltd. * China 2.97 -17% 204.7 116.7 284.8 (9.5) NM -18.3% 0.4x NM

Mercadolibre, Inc. * Argentina 156.14 -19% 6,894.7 6,728.6 768.9 190.7 24.8% 21.6% 8.8x 35.3x

PChome Online Inc. Taiwan 8.73 -28% 963.4 748.1 800.2 39.8 5.0% 12.9% 0.9x 18.8x

Rakuten, Inc. Japan 9.81 -23% 13,992.8 14,842.1 7,486.6 1,431.9 19.1% 10.0% 2.0x 10.4x

Travelport Worldwide Limited United Kingdom 14.10 -7% 1,748.9 4,003.3 2,340.8 414.2 17.7% 7.3% 1.7x 9.7x

trivago N.V. * Germany 11.75 -7% 2,762.6 2,760.3 769.1 (31.3) NM 0.0% 3.6x NM

Vipshop Holdings Limited China 11.01 -37% 6,407.6 6,304.9 7,723.8 495.7 6.4% 48.4% 0.8x 12.7x

Average 1.6x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (30.2x)

Internationally-based eCommerce

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13 | M&A and Investment Summary December 2016

Digital Advertising

There was a total of 18 transactions announced in the Digital Advertising segment, of which 12 were worth more than $360 million in

reported value

Digital Promotion/Coupon, Mobile Marketing, and Vertical search were the most active subsegments with three transactions each

Select Transactions:

• Oakley Capital’s acquisition of online real estate website operator AtHome Group and real estate ads portal Casa.it from REA Group

in a transaction valued at $190 million

• The $100 million investment in China-based mobile performance marketing company Yeahmobi at a reported valuation of $720

million from China-based private equity firms Shenzhen Private Equity and Tongxin Private Equity

• Vacation homes and short term rentals search engine Tripping.com’s $35 million round of funding led by Princeville Global with

participation from Adams Street Partners, Steadfast Venture Capital, and Quest Venture Partners

# % $MM % # $MM # $MM # $MM

Digital Promotion/Coupon 3 17% $4.7 1% 2 - 0 - 1 $4.7

Mobile Marketing 3 17% 101.2 28% 1 - 0 - 2 101.2

Vertical Search 3 17% 229.7 63% 0 - 1 189.7 2 40.0

Affiliate/CPA Network 2 11% 11.3 3% 2 11.3 0 - 0 -

Comparison Shopping 2 11% 5.6 2% 0 - 0 - 2 5.6

Digital Video 2 11% 2.6 1% 1 - 0 - 1 2.6

Ad Networks/Exchanges 1 6% 6.0 2% 0 - 0 - 1 6.0

Email Services 1 6% - 0% 0 - 0 - 1 -

Online Lead Generation 1 6% 3.2 1% 1 3.2 0 - 0 -

Total 18 100% 364.3 100% 7 14.5 1 189.7 10 160.1

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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14 | M&A and Investment Summary December 2016

Digital Advertising Public Company Valuation (1/3)

($ in Millions, except stock price data)

US-based Digital Advertising

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alliance Data Systems Corporation $228.50 -14% $ 13,198.0 $ 31,036.8 $ 7,059.3 $ 1,671.4 23.7% 14.3% 4.4x 18.6x

Alphabet Inc. 792.45 -6% 539,069.5 459,951.5 85,537.0 28,294.0 33.1% 19.2% 5.4x 16.3x

Angie's List, Inc. $8.23 -24% 486.8 507.1 332.9 19.3 5.8% -2.1% 1.5x 26.3x

Autobytel Inc. 13.45 -37% 147.4 137.8 152.7 14.5 9.5% 24.3% 0.9x 9.5x

Bankrate, Inc. 11.05 -15% 995.9 1,155.2 412.9 92.9 22.5% 87.5% 2.8x 12.4x

Blucora, Inc. 14.75 -7% 615.4 1,005.2 372.0 67.6 18.2% NA 2.7x 14.9x

Care.com, Inc. 8.57 -29% 247.0 223.1 155.8 4.4 2.8% 21.1% 1.4x 50.7x

Cogint, Inc. 3.45 -45% 183.6 223.1 143.5 (47.9) NM 0.0% 1.6x NM

DHI Group, Inc. 6.25 -35% 311.1 372.4 237.1 51.9 21.9% -9.7% 1.6x 7.2x

Facebook, Inc. * 115.05 -15% 331,593.7 305,453.7 24,670.0 12,863.0 52.1% 54.8% 12.4x 23.7x

Groupon, Inc. 3.32 -44% 1,904.2 1,445.5 3,125.6 (8.5) NM 1.3% 0.5x NM

IAC/InterActiveCorp 64.79 -7% 5,137.2 5,548.3 3,177.4 390.0 12.3% -1.1% 1.7x 14.2x

Inuvo, Inc. 1.67 -38% 41.6 38.0 72.9 2.0 2.7% 12.3% 0.5x 19.0x

Leaf Group Ltd. 6.55 -11% 129.3 77.6 113.9 (20.7) NM -15.3% 0.7x NM

MaxPoint Interactive, Inc. 6.00 -50% 39.8 41.8 143.8 (19.1) NM 4.4% 0.3x NM

Perion Network Ltd. 1.42 -51% 108.4 163.9 295.9 25.1 8.5% 27.8% 0.6x 6.5x

QuinStreet, Inc. 3.76 -13% 172.0 133.5 298.8 (5.9) NM 4.7% 0.4x NM

Quotient Technology Inc. 10.75 -25% 946.2 784.6 269.2 (9.0) NM 18.1% 2.9x NM

RetailMeNot, Inc. 9.30 -28% 451.0 279.2 266.7 34.8 13.1% 5.2% 1.0x 8.0x

RhythmOne plc 0.48 -13% 192.9 154.2 156.1 (20.7) NM -22.1% 1.0x NM

Rocket Fuel Inc. 1.71 -58% 77.9 87.1 456.8 (9.1) NM -4.0% 0.2x NM

The Rubicon Project, Inc. 7.42 -64% 363.9 170.7 299.6 46.9 15.7% 52.6% 0.6x 3.6x

TiVo Corporation 20.90 -12% 2,442.35 3,175.24 546.29 181.31 33.2% 6.9% 5.8x 17.5x

Travelzoo Inc. 9.40 -29% 130.0 104.6 131.3 12.2 9.3% -8.8% 0.8x 8.5x

LendingTree, Inc. 101.35 -10% 1,194.9 1,018.0 361.9 49.3 13.6% 64.7% 2.8x 20.7x

The Trade Desk, Inc. 27.67 -17% 1,067.3 995.4 173.2 53.5 30.9% 0.0% 5.7x 18.6x

Tremor Video, Inc. 2.49 -10% 129.4 81.8 164.7 (8.2) NM 0.5% 0.5x NM

TripAdvisor, Inc. 46.37 -41% 6,756.2 6,125.2 1,473.0 182.0 12.4% 0.1% 4.2x 33.7x

TrueCar, Inc. 12.50 -6% 1,068.3 994.1 267.0 (30.3) NM 6.1% 3.7x NM

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15 | M&A and Investment Summary December 2016

Digital Advertising Public Company Valuation (2/3)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

($ in Millions, except stock price data)

US-based Digital Advertising

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Twitter, Inc. * 16.30 -38% $ 11,563.1 $ 9,553.1 $ 2,522.9 $ 41.7 1.7% 27.0% 3.8x 229.3x

Web.com Group, Inc. 21.15 0% 996.5 1,660.5 661.6 125.4 19.0% 22.6% 2.5x 13.2x

Yahoo! Inc. 38.67 -14% 36,896.0 4,110.8 4,973.4 822.2 16.5% 0.5% 0.8x 5.0x

Yelp Inc. 38.13 -12% 2,991.7 2,559.4 672.0 5.6 0.8% 32.8% 3.8x NM

YuMe, Inc. 3.58 -18% 122.8 60.4 168.7 (3.3) NM -4.4% 0.4x NM

Zillow Group, Inc. * 36.45 -9% 6,527.6 6,313.0 788.3 5.5 0.7% 38.9% 8.0x NM

Average 1.8x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (75.1x)

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16 | M&A and Investment Summary December 2016

Digital Advertising Public Company Valuation (3/3)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Criteo SA France 41.08 -14% 2,619.3 2,231.2 1,629.3 152.2 9.3% 21.3% 1.4x 14.7x

Just Dial Limited India 4.99 -62% 346.9 238.4 104.2 25.4 24.3% 17.1% 2.3x 9.4x

MakeMyTrip Limited India 22.20 -30% 1,144.1 1,184.2 381.2 (101.1) NM 26.9% 3.1x NM

Matomy Media Group Ltd. Israel 1.48 -13% 141.7 166.4 270.4 20.3 7.5% 6.1% 0.6x 8.2x

Opera Software ASA Norway 4.33 -46% 640.3 836.3 707.4 83.4 11.8% 48.6% 1.2x 10.0x

Pacific Online Ltd. China 0.26 -20% 283.1 241.9 162.0 33.2 20.5% 0.1% 1.5x 7.3x

Rightmove plc * United Kingdom 48.19 -11% 4,471.8 4,455.4 275.1 202.4 73.6% 15.1% 16.2x 22.0x

Septeni Holdings Co., Ltd. Japan 3.43 -50% 444.4 319.5 168.5 39.0 23.2% -73.6% 1.9x 8.2x

Taptica International Ltd Israel 2.13 -3% 133.2 124.3 93.7 12.3 13.1% 41.6% 1.3x 10.1x

TradeDoubler AB Sweden 0.53 -34% 22.62 25.25 163.15 (5.55) NM -16.6% 0.2x NM

XLMedia PLC Channel Islands 1.15 -10% 230.1 192.2 103.6 29.1 28.1% 53.2% 1.9x 6.6x

Yandex N.V. * Netherlands 20.13 -16% 6,477.8 5,800.7 1,141.4 336.5 29.5% 27.6% 5.1x 17.2x

Zhaopin Ltd. China 15.11 -11% 838.7 534.1 239.9 51.5 21.5% 20.6% 2.2x 10.4x

Average 1.6x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.0x)

Internationally-based Digital Advertising

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17 | M&A and Investment Summary December 2016

Marketing Technology

The Marketing Technology segment announced 75 transactions, of which 62 reported nearly $6.9 billion in value

Analytics & Targeting was the most active subsegment with 15 transactions announced, 12 of which were worth $89 million in value

Select Transactions:

• The $2.9 billion pending acquisition of data-driven marketing and analytics company Neustar by Golden Gate Private Equity

• Siris Capital’s acquisition of Mitel Network’s mobile division Mitel Mobility in a transaction valued at $385 million

• The $34 million round of funding received by lead engagement software developer Conversica from Providence Equity Partners,

Toba Capital, Wellington Financial, Kennett Partners, and Recruit Holdings

• The acquisition of audience personality data and marketing technology company VisualDNA by Nielsen

• Liquidhub’s acquisition of data and analytics solutions and workflow automation company Annik

• Snap’s acquihire of digital ad creation and management platform developer Flite

# % $MM % # $MM # $MM # $MM

Analytics & Targeting 15 20% $89.1 1% 3 - 0 - 12 $89.1

SFA/Lead Management 7 9% 78.0 1% 2 - 0 - 5 78.0

Social Technology 7 9% 24.6 0% 1 - 0 - 6 24.6

BI Tools 5 7% 11.4 0% 0 - 0 - 5 11.4

Market Research 5 7% 15.2 0% 2 - 0 - 3 15.2

Mobile Technology 5 7% 472.5 7% 2 - 1 385.0 2 87.5

Marketing Data 4 5% 3,452.9 50% 1 560.0 1 2,870.6 2 22.3

Other* 27 36% 2,781.0 40% 5 2,477.0 1 123.0 21 173.5

Total 75 100% 6,924.6 100% 16 3,037.0 3 3,378.6 56 509.1

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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18 | M&A and Investment Summary December 2016

Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Adobe Systems Incorporated 102.95 -7% $ 51,189.52 $ 48,330.29 $ 5,854.43 $ 1,824.99 31.2% 22.1% 8.3x 26.5x

AppFolio, Inc. 23.85 -3% 803.7 786.0 98.0 (7.4) NM 44.5% 8.0x NM

Bazaarvoice, Inc. 4.85 -21% 401.7 352.5 201.5 (8.3) NM 2.4% 1.7x NM

Blackbaud, Inc. 64.00 -11% 2,974.9 3,334.1 708.4 115.7 16.3% 15.2% 4.7x 28.8x

Brightcove Inc. 8.05 -42% 272.0 237.6 146.8 1.8 1.2% 12.1% 1.6x 132.2x

ChannelAdvisor Corporation 14.35 -10% 370.0 306.8 110.9 (5.8) NM 16.7% 2.8x NM

Covisint Corporation 1.90 -25% 77.6 42.8 73.8 (10.7) NM -10.1% 0.6x NM

eBay Inc. 29.69 -11% 33,191.2 34,177.2 8,906.0 3,026.0 34.0% 3.6% 3.8x 11.3x

Endurance International Group

Holdings, Inc.

9.30 -22% 1,316.1 3,306.9 1,012.1 198.4 19.6% 40.5% 3.3x 16.7x

Five9, Inc. 14.19 -13% 751.6 739.0 153.9 (1.9) NM 27.1% 4.8x NM

GoDaddy Inc. 34.95 -7% 3,057.1 3,730.3 1,787.4 211.4 11.8% 15.0% 2.1x 17.6x

HubSpot, Inc. 47.00 -22% 1,673.6 1,560.6 247.6 (36.5) NM 52.0% 6.3x NM

Inter Industries LTD. 2.81 -4% 26.1 32.3 86.8 3.3 3.8% 10.6% 0.4x 9.7x

IBM Corporation 165.99 -2% 157,832.3 190,496.3 80,208.0 17,539.0 21.9% -4.3% 2.4x 10.9x

Jive Software, Inc. 4.35 -5% 339.8 240.1 202.6 (6.6) NM 4.8% 1.2x NM

LivePerson, Inc. 7.55 -15% 437.7 386.3 225.8 16.8 7.4% -5.2% 1.7x 23.0x

Marin Software Incorporated 2.35 -35% 90.8 57.4 106.0 (4.4) NM -0.5% 0.5x NM

MaxPoint Interactive, Inc. 6.00 -50% 39.8 41.8 143.8 (19.1) NM 4.4% 0.3x NM

MicroStrategy Incorporated 197.40 -5% 2,256.5 1,677.6 515.6 127.2 24.7% -3.7% 3.3x 13.2x

MINDBODY, Inc. 21.30 -7% 862.8 792.1 129.1 (20.0) NM 38.4% 6.1x NM

Nuance Communications, Inc. 14.90 -28% 4,339.7 6,192.4 1,948.9 336.8 17.3% 0.9% 3.2x 18.4x

Oracle Corporation 38.45 -8% 157,735.4 154,239.4 37,236.0 14,602.0 39.2% -0.6% 4.1x 10.6x

PayPal Holdings, Inc. 39.47 -11% 47,626.3 42,538.3 10,417.0 2,069.0 19.9% 17.2% 4.1x 20.6x

PROS Holdings, Inc. 21.52 -16% 656.9 631.4 155.4 (51.4) NM -13.7% 4.1x NM

PTC Inc. 46.27 -7% 5,349.0 5,810.5 1,140.5 104.7 9.2% -9.1% 5.1x 55.5x

Rightside Group, Ltd. 8.27 -36% 160.6 137.9 218.1 1.4 0.6% 4.6% 0.6x 97.7x

The Rubicon Project, Inc. 7.42 -64% 363.9 170.7 299.6 46.9 15.7% 52.6% 0.6x 3.6x

salesforce.com, inc. 68.46 -19% 46,490.8 47,805.7 7,907.4 534.2 6.8% 25.5% 6.0x 89.5x

Square, Inc. 13.63 -14% 4,799.6 4,285.3 1,631.2 (70.6) NM 42.6% 2.6x NM

Synchronoss Technologies, Inc. 38.30 -23% 1,735.6 1,924.9 633.9 130.2 20.5% 14.9% 3.0x 14.8x

Tableau Software, Inc. 42.15 -56% 3,207.3 2,342.7 779.0 (97.2) NM 31.2% 3.0x NM

Teradata Corporation 27.17 -18% 3,529.4 3,116.4 2,415.0 374.0 15.5% -6.1% 1.3x 8.3x

Verint Systems Inc. 35.25 -15% 2,209.5 2,662.1 1,047.0 104.0 9.9% -9.8% 2.5x 25.6x

Web.com Group, Inc. 21.15 0% 996.5 1,660.5 661.6 125.4 19.0% 22.6% 2.5x 13.2x

Xactly Corporation 11.00 -32% 344.6 317.3 91.9 (14.4) NM 29.1% 3.5x NM

Zendesk, Inc. 21.20 -33% 2,021.2 1,809.8 286.0 (83.3) NM 54.9% 6.3x NM

Adjusted Weighted Average 2.7x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.8x)

US-based Marketing Technology

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19 | M&A and Investment Summary December 2016

Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baozun Inc. China 12.07 -35% $ 641.17 $ 540.42 $ 469.89 $ 9.18 2.0% 38.4% 1.2x 58.9x

ChinaCache International Holdings Ltd. China 2.56 -76% 68.9 53.9 165.3 (34.8) NM -20.2% 0.3x NM

Mercadolibre, Inc. Argentina 156.14 -19% 6,894.7 6,728.6 768.9 190.7 24.8% 21.6% 8.8x 35.3x

Open Text Corporation Canada 61.81 -8% 8,087.5 9,395.7 1,881.4 573.5 30.5% 2.7% 5.0x 16.4x

Opera Software ASA Norway 4.33 -46% 640.3 836.3 707.4 83.4 11.8% 48.6% 1.2x 10.0x

Sage Group plc United Kingdom 8.09 -14% 8,735.20 9,121.91 2,043.19 581.15 28.4% 9.3% 4.5x 15.7x

SAP SE Germany 87.25 0% 104,543.0 107,347.9 24,370.3 6,489.1 26.6% 8.9% 4.4x 16.5x

Shopify Inc. Canada 42.87 -6% 3,813.6 3,413.4 329.1 (24.2) NM 93.3% 10.4x NM

United Internet AG Germany 39.16 -25% 8,011.8 9,843.5 4,376.0 925.9 21.2% 6.7% 2.2x 10.6x

Weborama France 12.32 -11% 41.9 41.8 34.6 1.7 4.9% 14.2% 1.2x 24.6x

Wix.com ltd Israel 44.55 -15% 1,891.5 1,746.1 262.8 (44.3) NM 39.6% 6.6x NM

Adjusted Weighted Average 2.7x 13.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.0x)

Internationally-based Marketing Technology

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20 | M&A and Investment Summary December 2016

Agency & Marketing Services

There were 25 transactions announced in the Agency & Marketing Services segment in December. Digital Agency was the most active

subsegment with nine transactions

Select transactions:

• The acquisition of SMB-focused, personalized marketing solutions company National Pen by Cimpress in a transaction valuing the

company at $218 million

• RhythmOne’s acquisition of mobile rewards platform Perk.com for $42.5 million

• Advent International’s acquisition of Ansira Partners, a leading independent provider of data-driven and technology-enabled

marketing solutions, from KRG Capital Partners (A Petsky Prunier-led transaction)

• The acquisition of Madison Logic, a leading global provider of data-driven, account-based marketing solutions, by Clarion Capital

Partners (A Petsky Prunier-led transaction)

• Dentsu Aegis Network’s acquisition of S&E Sponsorship Group, a leading Canada-based independent sponsorship consultancy

focused on the sports and entertainment industries (A Petsky Prunier-led transaction)

• Liquidus Marketing’s acquisition of promotional content solutions provider ShopLocal from Tegna

# % $MM % # $MM # $MM # $MM

Digital Agency 9 36% $16.4 5% 9 $16.4 0 - 0 -

Design Agency 5 20% 36.9 11% 5 36.9 0 - 0 -

Healthcare Agency 2 8% - 0% 2 - 0 - 0 -

Public Relations 2 8% - 0% 2 - 0 - 0 -

Ad Specialty/Premiums 1 4% 218.0 65% 1 218.0 0 - 0 -

Database/Analytics 1 4% 16.0 5% 1 16.0 0 - 0 -

DM Agency 1 4% - 0% 1 - 0 - 0 -

Other* 4 16% 47 14% 4 47.2 0 - 0 -

Total 25 100% 334.5 100% 25 334.5 0 0.0 0 0.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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21 | M&A and Investment Summary December 2016

Agency Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Cello Group Plc * United Kingdom $1.27 -10% $ 110.8 $ 116.7 $ 214.2 $ 8.2 3.8% -4.4% 0.5x 14.3x

Dentsu Inc. Japan 47.11 -15% 13,432.6 15,558.2 7,836.6 1,651.6 21.1% NM 2.0x 9.4x

Enero Group Limited Australia 0.70 -26% 59.7 34.0 159.3 11.4 7.1% 0.6% 0.2x 3.0x

Hakuhodo DY Holdings Inc Japan 12.33 0% 4,596.3 3,697.9 12,259.8 528.2 4.3% 8.6% 0.3x 7.0x

Havas SA France 8.45 0% 3,544.0 3,651.7 2,488.8 397.6 16.0% 10.3% 1.5x 9.2x

Huntsworth plc United Kingdom 0.47 -20% 150.6 195.7 228.3 25.2 11.0% 3.5% 0.9x 7.8x

M&C Saatchi plc * United Kingdom 4.69 0% 348.4 365.5 254.7 27.3 10.7% 9.9% 1.4x 13.4x

M.D.C. Holdings, Inc. * United States 25.66 -7% 1,321.1 2,083.1 2,169.4 148.2 6.8% 18.2% 1.0x 14.1x

Next Fifteen Communications Group plc United Kingdom 3.82 -15% 279.7 295.9 197.1 26.5 13.4% 28.8% 1.5x 11.2x

Omnicom Group Inc. United States 85.11 -5% 20,075.8 23,860.8 15,328.4 2,275.2 14.8% 1.0% 1.6x 10.5x

OPT Holding, Inc. Japan 6.17 -18% 159.7 139.8 671.4 30.1 4.5% 5.4% 0.2x 4.6x

Publicis Groupe SA France 69.20 -5% 15,557.1 18,236.3 10,896.8 1,970.1 18.1% 16.3% 1.7x 9.3x

The Interpublic Group of Companies, Inc. United States 23.41 -6% 9,294.0 10,421.2 7,778.3 1,066.7 13.7% 2.0% 1.3x 9.8x

WPP plc * United Kingdom 22.42 -3% 28,718.7 34,530.9 17,192.7 2,544.7 14.8% 8.7% 2.0x 13.6x

1.7x 9.6xAdjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.2x)

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22 | M&A and Investment Summary December 2016

Marketing Services Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Acxiom Corporation * United States $26.80 -3% $ 2,079.6 $ 2,078.9 $ 877.9 $ 86.8 9.9% 7.3% 2.4x 24.0x

Aimia Inc. Canada 6.61 -11% 1,006.8 1,153.5 1,777.8 90.1 5.1% -6.2% 0.6x 12.8x

Alliance Data Systems Corporation United States 228.50 -17% 13,198.0 26,333.2 7,059.3 1,671.4 23.7% 14.3% 3.7x 15.8x

Cogint, Inc. United States 3.45 -53% 183.6 223.1 143.5 (47.9) NM 0.0% 1.6x NM

CSG Systems International Inc. United States 48.40 -3% 1,562.4 1,701.6 763.1 168.4 22.1% 1.9% 2.2x 10.1x

DST Systems Inc. United States 107.15 -17% 3,427.7 3,696.9 2,892.2 426.1 14.7% 60.9% 1.3x 8.7x

Fair Isaac Corporation * United States 119.22 -10% 3,688.7 4,183.8 881.4 201.2 22.8% 5.1% 4.7x 20.8x

Harte-Hanks Inc. United States 1.51 -60% 93.0 147.3 462.3 12.8 2.8% -2.4% 0.3x 11.5x

High Co. SA France 6.79 -4% 139.7 82.5 182.0 17.7 9.7% 16.9% 0.5x 4.7x

Multiplus S.A. Brazil 10.39 -31% 1,682.4 1,296.5 688.6 185.6 27.0% 3.6% 1.9x 7.0x

Pitney Bowes Inc. United States 15.19 -30% 2,821.7 5,469.8 3,456.5 752.7 21.8% -4.7% 1.6x 7.3x

Points International Ltd. Canada 7.65 -22% 116.0 69.2 319.9 8.7 2.7% 13.9% 0.2x 8.0x

Viad Corp United States 44.10 -7% 895.6 1,050.9 1,200.2 120.8 10.1% 13.2% 0.9x 8.7x

2.6x 12.4xAdjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.4x)

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23 | M&A and Investment Summary December 2016

Traditional Media

Of the 18 transactions announced in the Traditional Media segment in December, seven announced nearly $1.9 billion in reported

transaction value

Select Transactions:

• Australia-based out-of-home media company APN Outdoor Group’s acquisition of regional competitor Oh!Media in a transaction

valued at $633 million

• UBM’s purchase of Allworld Exhibitions for $485 million

• The $360 million investment in China-based film production and distribution company Bona film Group at a reported valuation of

$2.2 billion from Alibaba, Tencent, and Fosun International

• Hubert Burda’s acquisition of UK-based magazine publisher immediate Media in a transaction valued at $322 million

• The majority stake taken by Tarsus Group in business travel and meeting events organizer Connect Meetings in a transaction valuing

the company at $68.3 million

# % $MM % # $MM # $MM # $MM

Consumer Magazine Publishing 5 28% $402.8 21% 4 $390.6 1 $12.2 0 -

Entertainment Media 4 22% 378.0 20% 2 - 0 - 2 378.0

B-to-B Media 3 17% 485.0 26% 3 485.0 0 - 0 -

Broadcast Television 2 11% - 0% 1 - 1 - 0 -

Traditional Outdoor 2 11% 633.1 33% 2 633.1 0 - 0 -

Digital Place-Based Media 1 6% - 0% 1 - 0 - 0 -

Total 18 100% 1,898.9 100% 14 1,508.7 2 12.2 2 378.0

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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24 | M&A and Investment Summary December 2016

Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

CBS Corporation United States $63.62 -2% $ 27,383.1 $ 36,161.1 $ 14,442.0 $ 3,352.0 23.2% 5.7% 2.5x 10.8x

Discovery Communications, Inc. United States 27.41 -8% 16,189.6 24,045.6 6,471.0 2,435.0 37.6% 0.7% 3.7x 9.9x

Time Warner Inc. * United States 96.53 -1% 74,437.2 96,630.2 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.8x

Twenty-First Century Fox, Inc. United States 28.04 -10% 51,392.7 68,000.7 27,755.0 6,691.0 24.1% 2.1% 2.5x 10.2x

Viacom, Inc. United States 35.10 -26% 14,096.1 25,780.1 12,488.0 2,953.0 23.6% -5.9% 2.1x 8.7x

The Walt Disney Company United States 104.22 -2% 165,862.1 185,480.1 55,632.0 16,987.0 30.5% 6.0% 3.3x 10.9x

Adjusted Weighted Average 3.1x 10.6x

($ in Millions, except stock price data)

B-to-B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Ascential plc United Kingdom $3.33 -13% $ 1,334.8 $ 1,574.3 $ 456.3 $ 104.5 22.9% 0.0% 3.5x 15.1x

Euromoney Institutional Investor PLC United Kingdom $14.14 -7% 1,788.3 1,786.3 524.9 149.5 28.5% -0.1% 3.4x 11.9x

Global Sources Ltd. Bermuda 8.85 -7% 211.4 128.6 160.0 26.5 16.6% -6.3% 0.8x 4.9x

Informa plc United Kingdom 8.40 -10% 6,913.6 8,219.1 1,650.0 511.7 31.0% 4.6% 5.0x 16.1x

TechTarget, Inc. United States 8.53 -8% 237.3 244.8 109.4 14.5 13.2% -3.3% 2.2x 16.9x

UBM plc United Kingdom 9.03 -2% 3,554.2 3,636.5 1,061.0 285.0 26.9% 47.4% 3.4x 12.8x

Adjusted Weighted Average 4.2x 14.4x

($ in Millions, except stock price data)

Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Beasley Broadcast Group, Inc. United States $6.15 -20% $ 177.0 $ 242.5 $ 111.4 $ 23.5 21.1% 15.9% 2.2x 10.3x

Cumulus Media Inc. United States 1.02 -79% 29.9 2,282.4 1,150.7 212.0 18.4% -3.2% 2.0x 10.8x

Emmis Communications Corp. United States 3.39 -22% 41.8 317.0 225.3 36.3 16.1% -5.1% 1.4x 8.7x

Entercom Communications Corp. United States 15.30 -7% 621.3 1,078.1 454.7 108.4 23.8% 15.1% 2.4x 9.9x

Pandora Media, Inc. United States 13.04 -14% 3,042.7 3,122.4 1,328.4 (199.9) NM 21.2% 2.4x NM

Radio One, Inc. United States 2.90 -19% 137.9 1,083.5 452.0 121.8 26.9% 0.2% 2.4x 8.9x

Salem Media Group, Inc. United States 6.25 -24% 161.4 431.5 272.8 47.2 17.3% 3.9% 1.6x 9.1x

Sirius XM Holdings Inc. * United States 4.45 -4% 21,470.7 27,000.5 4,910.4 1,709.6 34.8% 10.0% 5.5x 15.8x

Spanish Broadcasting System, Inc. United States 3.10 -41% 22.5 425.1 142.8 38.2 26.7% -0.1% 3.0x 11.1x

Townsquare Media, Inc. United States 10.41 -12% 191.5 726.7 510.4 102.3 20.0% 21.0% 1.4x 7.1x

Adjusted Weighted Average 2.3x 9.4x

Large Cap Diversified Media

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.3x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x)

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25 | M&A and Investment Summary December 2016

Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

AMC Networks Inc. United States $52.34 -34% $ 3,686.1 $ 6,144.0 $ 2,705.0 $ 864.0 31.9% 7.7% 2.3x 7.1x

Sky plc United Kingdom 12.24 -12% 20,918.5 29,300.8 15,906.8 2,604.4 16.4% 19.8% 1.8x 11.3x

CVC Limited Australia 1.19 -9% 141.8 151.1 110.6 26.7 24.1% 24.1% 1.4x 5.7x

CBS Corporation United States 63.62 -2% 27,383.1 36,161.1 14,442.0 3,352.0 23.2% 5.7% 2.5x 10.8x

Charter Communications, Inc. * United States 287.92 -2% 77,392.9 149,028.9 21,240.0 7,417.0 34.9% 121.2% 7.0x 20.1x

Comcast Corporation United States 69.05 -3% 165,225.2 226,514.2 78,623.0 25,949.0 33.0% 7.7% 2.9x 8.7x

Discovery Communications, Inc. United States 27.41 -8% 16,189.6 24,045.6 6,471.0 2,435.0 37.6% 0.7% 3.7x 9.9x

DISH Network Corporation United States 57.93 -4% 26,941.3 38,768.1 15,149.1 3,145.5 20.8% 1.2% 2.6x 12.3x

Entravision Communications Corporation United States 7.00 -16% 627.8 875.0 253.7 62.6 24.7% -0.1% 3.4x 14.0x

General Communication, Inc. United States 19.45 -4% 690.2 2,024.2 942.9 286.4 30.4% -2.4% 2.1x 7.1x

Gray Television, Inc. United States 10.85 -29% 777.2 2,302.5 744.3 273.8 36.8% 22.9% 3.1x 8.4x

Grupo Televisa, S.A.B. Mexico 4.20 -16% 12,258.4 16,853.5 4,853.8 1,759.4 36.2% 7.8% 3.5x 9.6x

Liberty Global plc United Kingdom 30.59 -27% 27,165.6 72,642.0 19,468.5 8,797.7 45.2% 6.4% 3.7x 8.3x

Media General, Inc. United States 18.83 -2% 2,434.9 4,546.4 1,449.5 439.7 30.3% 25.4% 3.1x 10.3x

Nexstar Broadcasting Group, Inc. United States 63.30 -6% 1,943.3 4,377.4 1,045.6 360.1 34.4% 24.9% 4.2x 12.2x

Scripps Networks Interactive, Inc. United States 71.37 -3% 9,214.6 12,774.2 3,364.5 1,483.1 44.1% 18.7% 3.8x 8.6x

Sinclair Broadcast Group, Inc. United States 33.35 -4% 3,022.8 7,094.7 2,551.0 769.3 30.2% 14.9% 2.8x 9.2x

TEGNA Inc. United States 21.39 -16% 4,586.4 9,057.9 3,259.0 1,163.4 35.7% 12.3% 2.8x 7.8x

The E. W. Scripps Company * United States 19.33 -1% 1,602.5 1,910.8 875.2 87.0 9.9% 32.3% 2.2x 22.0x

Time Warner Inc. United States 96.53 -1% 74,437.2 96,630.2 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.8x

Adjusted Weighted Average 3.0x 9.9x

($ in Millions, except stock price data)

Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Cineplex Inc. Canada $38.13 -2% $ 2,421.2 $ 2,744.3 $ 1,143.0 $ 189.1 16.5% 15.8% 2.4x 14.5x

Eros International Plc * United States 13.05 -34% 738.2 933.4 268.6 21.3 7.9% -20.5% 3.5x 43.9x

Lions Gate Entertainment Corp. United States 26.90 -5% 2,119.9 3,584.9 2,654.8 (32.0) NM 16.3% 1.4x NM

Live Nation Entertainment, Inc. United States 26.60 -8% 5,411.5 6,950.1 8,294.1 626.4 7.6% 17.1% 0.8x 11.1x

Twenty-First Century Fox, Inc. United States 28.04 -10% 51,392.7 68,000.7 27,755.0 6,691.0 24.1% 2.1% 2.5x 10.2x

Liberty Global plc United Kingdom 30.59 -27% 27,165.6 72,642.0 19,468.5 8,797.7 45.2% 6.4% 3.7x 8.3x

Village Roadshow Limited Australia 3.30 -38% 533.5 933.8 780.8 110.0 14.1% 7.4% 1.2x 8.5x

World Wrestling Entertainment, Inc. United States 18.40 -15% 1,405.8 1,381.1 700.4 73.1 10.4% 10.6% 2.0x 18.9x

Adjusted Weighted Average 2.7x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.8x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.6x)

LTM Multiples

LTM Multiples

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26 | M&A and Investment Summary December 2016

Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

AirMedia Group Inc. China $2.46 -57% $ 153.7 $ (58.6) $ (14.1) $ (86.6) NM #VALUE! 4.1x 0.7x

APG|SGA SA Switzerland 440.06 -1% 1,319.7 1,230.2 320.3 78.5 24.5% -1.5% 3.8x 15.7x

Clear Channel Outdoor Holdings, Inc. United States 5.05 -31% 1,818.0 6,724.8 2,748.0 652.6 23.7% -3.1% 2.4x 10.3x

Clear Media Limited Hong Kong 0.97 -7% 523.9 456.1 240.6 104.6 43.5% 3.9% 1.9x 4.4x

JCDecaux SA France 29.48 -29% 6,266.6 6,846.1 3,258.5 550.4 16.9% 12.0% 2.1x 12.4x

Lamar Advertising Company United States 67.24 -3% 6,544.0 8,886.5 1,469.5 614.5 41.8% 10.2% 6.0x 14.5x

Mood Media Corporation Canada 0.05 -77% 9.6 596.6 470.0 76.8 16.3% -1.5% 1.3x 7.8x

National CineMedia, Inc. United States 14.73 -9% 919.2 2,038.7 441.5 195.1 44.2% 1.9% 4.6x 10.4x

NTN Buzztime, Inc. United States 8.50 -29% 19.2 24.6 22.9 0.0 0.2% -7.7% 1.1x NM

TOM Group Limited * Hong Kong 0.23 -22% 883.0 1,218.7 147.0 9.6 6.5% -20.0% 8.3x 127.2x

Adjusted Weighted Average 3.9x 12.8x

($ in Millions, except stock price data)

Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

A.H. Belo Corporation United States $6.35 -20% $ 137.6 $ 61.9 $ 267.0 $ 5.9 2.2% -1.9% 0.2x 10.5x

Daily Mail and General Trust plc United Kingdom 9.59 -7% 3,188.1 4,246.5 2,496.6 327.4 13.1% 4.0% 1.7x 13.0x

Emmis Communications Corp. United States 3.39 -22% 41.8 317.0 225.3 36.3 16.1% -5.1% 1.4x 8.7x

Gannett Co., Inc. United States 9.71 -45% 1,132.3 1,400.5 2,919.8 332.4 11.4% -1.5% 0.5x 4.2x

Glacier Media Inc. Canada 0.54 -23% 59.0 111.8 154.9 12.2 7.9% -12.3% 0.7x 9.2x

John Wiley & Sons, Inc. United States 54.50 -7% 3,136.7 3,753.3 1,700.6 274.4 16.1% -3.6% 2.2x 13.7x

Meredith Corporation United States 59.15 -1% 2,584.0 3,254.1 1,664.8 327.2 19.7% 3.6% 2.0x 9.9x

News Corporation United States 11.46 -22% 6,732.8 5,846.8 8,243.0 655.0 7.9% 2.4% 0.7x 8.9x

Scholastic Corporation United States 47.49 -4% 1,637.9 1,202.3 1,785.6 142.5 8.0% 9.7% 0.7x 8.4x

The E. W. Scripps Company * United States 19.33 -1% 1,602.5 1,910.8 875.2 87.0 9.9% 32.3% 2.2x 22.0x

The McClatchy Company United States 13.18 -33% 99.8 1,007.9 1,000.7 141.8 14.2% -7.4% 1.0x 7.1x

The New York Times Company United States 13.30 -6% 2,142.5 1,827.4 1,560.4 230.6 14.8% -1.2% 1.2x 7.9x

Time Inc. United States 17.85 -1% 1,768.2 2,705.2 3,045.0 316.0 10.4% -2.4% 0.9x 8.6x

Adjusted Weighted Average 1.3x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (49.0x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x)

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27 | M&A and Investment Summary December 2016

Software

Within the Software segment, nearly $5.7 billion in reported value involved strategic transactions while $1.1 billion in Venture/Growth

Capital investments were announced

Financial and Security Software were the most active subsegments in December with 25 and 18 transaction announced, respectively

Select Transactions:

• The majority stake taken by KKR in cybersecurity solutions company Optiv Security from Blackstone in a transaction valued between

a reported $1.8 billion and $1.9 billion

• CA Technologies’ purchase of application monitoring and infrastructure processing solutions company Automic Software from EQT

for $636 million

• Cloud open convergence platform Datrium’s $55 million round of funding from Lightspeed Venture Partners and New Enterprise

Associates

• The $50 million round of funding raised by construction industry software solutions developer Procore Technologies at a reported

post-money valuation of more than $1 billion from Iconiq Capital

*Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions

# % $MM % # $MM # $MM # $MM

Financial 25 20% $458.7 5% 9 $287.0 0 - 16 $171.7

Security 18 14% 2,818.2 33% 5 892.0 1 1,850.0 12 76.2

Collaboration 11 9% 1,189.4 14% 1 854.5 0 - 10 334.9

Healthcare 11 9% 100.0 1% 3 37.7 1 - 7 62.3

Software Development Tools 11 9% 35.1 0% 5 - 1 - 5 35.1

HR 10 8% 2,933.9 34% 6 2,930.0 1 - 3 3.9

Other* 42 26% 973.2 11% 20 680 1 0 21 292.9

Total 128 100% 8,582.2 100% 49 5,681.6 5 1,850.0 74 1,050.6

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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28 | M&A and Investment Summary December 2016

Software Public Company Valuation (1/3)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Apptio, Inc. United States 18.53 -25% $ 709.9 $ 587.5 $ 151.1 $ (27.6) NM 22.7% 3.9x NM

BlackLine, Inc. * United States 27.63 -4% 1,416.6 1,462.8 112.3 (17.8) NM 49.3% 13.0x NM

Coupa Software Incorporated United States 25.01 -28% 1,250.0 1,029.4 122.1 (39.2) NM 68.4% 8.4x NM

Ebix, Inc. United States 57.05 -9% 1,849.3 2,013.2 288.5 107.5 37.3% 12.7% 7.0x 18.7x

First Data Corporation United States 14.19 -12% 12,926.9 34,350.9 7,860.0 2,398.0 30.5% 1.8% 4.4x 14.3x

Fidessa group plc United Kingdom 28.26 -13% 1,084.5 1,001.9 409.4 69.7 17.0% 8.5% 2.4x 14.4x

Guidewire Software, Inc. * United States 49.33 -23% 3,626.3 3,096.0 436.3 17.9 4.1% 13.9% 7.1x 172.8x

Intuit Inc. United States 114.61 -3% 29,416.8 29,911.8 4,759.0 1,429.0 30.0% 10.9% 6.3x 20.9x

Management Consulting Group PLC United Kingdom 0.05 -84% 24.1 21.8 179.9 (2.1) NM 169.7% 0.1x NM

Model N, Inc. United States 8.85 -37% 246.9 180.7 107.0 (26.8) NM 14.1% 1.7x NM

Performant Financial Corporation United States 2.35 -42% 118.0 133.1 148.6 23.7 15.9% -6.0% 0.9x 5.6x

Q2 Holdings, Inc. United States 28.85 -12% 1,158.0 1,065.7 138.5 (21.9) NM 37.6% 7.7x NM

RealPage, Inc. United States 30.00 -3% 2,414.1 2,468.0 540.8 75.0 13.9% 19.8% 4.6x 32.9x

SS&C Technologies Holdings, Inc. United States 28.60 -16% 5,800.7 8,189.1 1,381.4 476.6 34.5% 53.5% 5.9x 17.2x

Tyler Technologies, Inc. United States 142.77 -19% 5,229.3 5,216.2 721.7 147.4 20.4% 29.0% 7.2x 35.4x

Adjusted Weighted Average 5.9x 20.7x

($ in Millions, except stock price data)

Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Allscripts Healthcare Solutions, Inc. United States 10.21 -33% 1,889.8 3,463.9 1,470.1 132.5 9.0% 6.4% 2.4x 26.1x

athenahealth, Inc. * United States 105.17 -37% 4,150.0 4,311.0 1,052.3 88.9 8.4% 19.5% 4.1x 48.5x

Cegedim SA France 27.66 -21% 386.5 616.8 491.9 48.8 9.9% 20.2% 1.3x 12.6x

Cerner Corporation United States 47.37 -30% 16,081.9 15,961.8 4,632.8 1,294.5 27.9% 12.9% 3.4x 12.3x

Civitas Solutions, Inc. United States 19.90 -33% 740.6 1,339.3 1,407.6 142.9 10.2% 3.0% 1.0x 9.4x

Computer Programs and Systems, Inc. United States 23.60 -60% 319.4 471.4 247.0 36.5 14.8% 34.1% 1.9x 12.9x

Cotiviti Holdings, Inc. United States 34.40 -6% 3,101.9 3,845.6 608.7 206.3 33.9% 18.7% 6.3x 18.6x

Craneware plc United Kingdom 16.36 -1% 441.1 395.8 49.8 15.2 30.5% 11.2% 7.9x 26.1x

HealthEquity, Inc. * United States 40.52 -10% 2,405.6 2,239.9 167.4 51.8 30.9% 44.6% 13.4x 43.2x

McKesson Corporation United States 140.45 -30% 31,753.9 35,911.9 194,267.0 4,330.0 2.2% 3.5% 0.2x 8.3x

Medidata Solutions, Inc. * United States 49.67 -14% 2,860.9 2,790.7 437.8 56.2 12.8% 14.3% 6.4x 49.7x

NantHealth, Inc. United States 9.94 -49% 1,205.1 1,242.0 96.7 (130.6) NM 102.2% 12.8x NM

Quality Systems, Inc. United States 13.15 -25% 816.5 838.3 494.3 56.8 11.5% -1.0% 1.7x 14.8x

Streamline Health Solutions, Inc. United States 1.25 -41% 24.1 36.6 27.0 (2.7) NM -5.2% 1.4x NM

Veeva Systems Inc. * United States 40.70 -15% 5,582.5 5,071.7 508.2 104.3 20.5% 33.0% 10.0x 48.6x

Adjusted Weighted Average 3.2x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.8x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (71.7x)

Financial & Credit/Risk Management Software

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29 | M&A and Investment Summary December 2016

Software Public Company Valuation (2/3)

($ in Millions, except stock price data)

HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

51job Inc. China $33.80 -6% $ 2,025.6 $ 1,364.1 $ 337.3 $ 97.6 28.9% 14.1% 4.0x 14.0x

Benefitfocus, Inc. United States 29.70 -34% 883.6 898.6 225.0 (27.5) NM 31.6% 4.0x NM

Castlight Health, Inc. United States 4.95 -10% 513.3 396.9 93.1 (62.9) NM 36.0% 4.3x NM

Cornerstone OnDemand, Inc. United States 42.31 -11% 2,377.3 2,376.1 410.0 (46.6) NM 28.0% 5.8x NM

DHI Group, Inc. United States 6.25 -35% 311.1 372.4 237.1 51.9 21.9% -9.7% 1.6x 7.2x

Paycom Software, Inc. United States 45.49 -14% 2,734.5 2,690.1 306.4 62.0 20.2% 50.5% 8.8x 43.4x

Paylocity Holding Corporation United States 30.01 -40% 1,540.8 1,462.8 250.6 6.6 2.6% 50.3% 5.8x NM

The Ultimate Software Group, Inc. * United States 182.35 -19% 5,288.3 5,187.9 741.4 64.6 8.7% 27.2% 7.0x 80.3x

Workday, Inc. United States 66.09 -29% 13,284.1 11,897.8 1,456.2 (244.4) NM 36.7% 8.2x NM

Adjusted Weighted Average 7.1x 29.4x

($ in Millions, except stock price data)

Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Absolute Software Corporation Canada $4.75 -25% $ 185.6 $ 154.2 $ 87.3 $ 11.3 12.9% -7.6% 1.8x 13.7x

AVG Technologies N.V. Netherlands 25.32 -28% 1,284.5 1,406.4 430.6 125.0 29.0% 6.8% 3.3x 11.2x

Check Point Software Technologies Ltd. Israel 84.46 -6% 14,772.2 13,542.0 1,712.7 862.9 50.4% 7.6% 7.9x 15.7x

Cisco Systems, Inc. United States 30.22 -5% 151,697.1 115,519.1 48,917.0 14,994.0 30.7% -1.4% 2.4x 7.7x

Cheetah Mobile Inc. China 9.56 -47% 1,361.9 1,270.2 660.1 34.6 5.2% 39.3% 1.9x 36.7x

CyberArk Software, Ltd. Israel 45.50 -23% 1,527.4 1,274.9 203.7 39.2 19.3% 39.9% 6.3x 32.5x

FireEye, Inc. United States 11.90 -47% 2,036.1 1,842.8 714.2 (366.9) NM 22.9% 2.6x NM

Fortinet, Inc. * United States 30.12 -20% 5,211.9 4,181.5 1,209.1 60.1 5.0% 29.1% 3.5x 69.6x

Gemalto NV Netherlands 57.98 -17% 5,161.3 5,519.9 3,462.3 608.9 17.6% 10.1% 1.6x 9.1x

Imperva, Inc. United States 38.40 -39% 1,261.0 1,002.0 258.8 (59.1) NM 21.5% 3.9x NM

Juniper Networks, Inc. United States 28.26 -3% 10,747.9 10,559.3 4,924.1 1,076.7 21.9% 6.1% 2.1x 9.8x

Mimecast Limited United Kingdom 17.90 -27% 981.5 874.9 159.8 (0.6) NM 24.5% 5.5x NM

Mobileye N.V. * Israel 38.12 -25% 8,357.0 8,027.5 325.4 108.7 33.4% 55.9% 24.7x 73.8x

NQ Mobile Inc. China 3.22 -40% 309.7 292.0 375.8 0.6 0.2% 1.9% 0.8x NM

Palo Alto Networks, Inc. United States 125.05 -28% 11,465.4 10,581.6 1,479.4 (160.8) NM 43.2% 7.2x NM

Proofpoint, Inc. United States 70.65 -20% 3,002.1 2,951.1 343.6 (52.7) NM 39.3% 8.6x NM

SecureWorks Corp. United States 10.59 NA 854.3 743.5 404.6 (32.3) NM 27.7% 1.8x NM

Symantec Corporation United States 23.89 -7% 14,893.5 16,450.5 3,645.0 940.0 25.8% -1.1% 4.5x 17.5x

Trend Micro Inc. Japan 35.59 -18% 4,879.9 3,791.3 1,233.9 389.5 31.6% 1.7% 3.1x 9.7x

VeriSign, Inc. United States 76.07 -17% 7,955.0 8,060.9 1,128.5 735.1 65.1% 8.2% 7.1x 11.0x

Adjusted Weighted Average 3.4x 9.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.6x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.3x)

LTM Multiples

LTM Multiples

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30 | M&A and Investment Summary December 2016

Software Public Company Valuation (3/3)

($ in Millions, except stock price data)

Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Ansys, Inc. United States $92.49 -7% $ 8,003.2 $ 7,164.9 $ 969.5 $ 447.6 46.2% 2.5% 7.4x 16.0x

Autodesk, Inc. United States 74.01 -11% 16,471.4 15,992.4 2,200.5 (130.1) NM -12.7% 7.3x NM

AVEVA Group plc United Kingdom 23.20 -12% 1,483.7 1,330.0 265.4 67.6 25.5% -0.5% 5.0x 19.7x

Dassault Systèmes SE France 76.42 -8% 19,377.0 17,813.0 3,346.3 917.0 27.4% 9.6% 5.3x 19.4x

Adjusted Weighted Average 6.4x 18.5x

($ in Millions, except stock price data)

Infrastructure Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Adobe Systems Incorporated United States $102.95 -7% $ 51,189.5 $ 48,330.3 $ 5,854.4 $ 1,825.0 31.2% 22.1% 8.3x 26.5x

Team Tankers International Ltd. United States 1.37 NM 256.7 255.9 284.7 50.3 17.7% -12.6% 0.9x 5.1x

CA, Inc. United States 31.77 -9% 13,274.7 12,778.7 4,060.0 1,295.0 31.9% -0.9% 3.1x 9.9x

Commvault Systems, Inc. * United States 51.40 -10% 2,328.1 1,888.4 627.0 19.7 3.1% 7.4% 3.0x 95.8x

Covisint Corporation United States 1.90 -25% 77.6 42.8 73.8 (10.7) NM -10.1% 0.6x NM

Endurance International Group Holdings, Inc. United States 9.30 -22% 1,316.1 3,306.9 1,012.1 198.4 19.6% 40.5% 3.3x 16.7x

First Data Corporation United States 14.19 -12% 12,926.9 34,350.9 7,860.0 2,398.0 30.5% 1.8% 4.4x 14.3x

Guidance Software, Inc. United States 7.08 -9% 228.0 220.9 108.7 (13.6) NM 1.0% 2.0x NM

Hortonworks Inc. United States 8.31 -61% 504.9 421.4 169.9 (236.3) NM 74.8% 2.5x NM

IBM Corporation United States 165.99 -2% 157,832.3 190,496.3 80,208.0 17,539.0 21.9% -4.3% 2.4x 10.9x

IntraLinks Holdings, Inc. United States 13.52 -1% 783.4 815.6 290.4 20.0 6.9% 6.6% 2.8x 40.8x

Nutanix, Inc. United States 26.56 -43% 3,778.4 3,431.2 524.0 (234.9) NM 85.1% 6.5x NM

Opera Software ASA Norway 4.33 -46% 640.3 836.3 707.4 83.4 11.8% 48.6% 1.2x 10.0x

Oracle Corporation United States 38.45 -8% 157,735.4 154,239.4 37,236.0 14,602.0 39.2% -0.6% 4.1x 10.6x

salesforce.com, inc. * United States 68.46 -19% 46,490.8 47,805.7 7,907.4 534.2 6.8% 25.5% 6.0x 89.5x

Rapid7, Inc. United States 12.17 - 517.0 429.3 145.3 (52.8) NM 45.8% 3.0x NM

ServiceNow, Inc. * United States 74.34 -17% 12,341.3 12,033.7 1,290.5 (82.9) NM 40.6% 9.3x NM

Talend SA France 22.20 -36% 632.8 543.0 96.5 (25.3) NM 0.0% 5.6x NM

Twilio Inc. United States 28.85 -59% 2,513.7 2,261.5 246.7 (32.0) NM 72.2% 9.2x NM

Varonis Systems, Inc. United States 26.80 -16% 714.9 602.9 153.9 (14.6) NM 31.4% 3.9x NM

Adjusted Weighted Average 4.2x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.5x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.4x)

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31 | M&A and Investment Summary December 2016

Information

The Information segment reported 12 transactions worth a reported $114 million in value

Credit/Risk Management Information was the most active subsegment throughout the month with five deals announced

Select Transactions:

• The acquisition of import and export data solutions company Datamyne by Descartes Systems Group in a transaction valued at $53

million

• The $31.6 million Partech Ventures-led investment in EcoVadis, provider of an environmental and ethics performance rating

platform for supply chains

• Healthcare informatics platform Cota’s $18 million round of funding from Boston Millenia Partners, Celgene, Novartis, and Horizon

Healthcare

• Leeds Equity Partners’ acquisition of compliance solutions and information companies Business and Legal Resources,

DecisionHealth, Argosy, and CCMI

*Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions

# % $MM % # $MM # $MM # $MM

Credit/Risk Management Information 5 42% $10.4 9% 0 - 4 - 1 $10.4

Financial Information 2 17% 52.7 46% 1 52.7 0 - 1 -

Healthcare Information 2 17% 19.6 17% 0 - 0 - 2 19.6

Engineering/Scientific/Tech Information 1 8% 31.6 28% 0 - 0 - 1 31.6

Geo-Demo Information 1 8% - 0% 1 - 0 - 0 -

IT Information 1 8% - 0% 1 - 0 - 0 -

Total 12 100% 114.3 100% 3 52.7 4 0.0 5 61.6

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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32 | M&A and Investment Summary December 2016

Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Broadridge Financial Solutions, Inc. United States $66.30 -8% $ 7,894.8 $ 8,793.2 $ 3,197.6 $ 629.0 19.7% 17.0% 2.7x 14.0x

Computershare Limited Australia 9.01 -1% 4,922.4 6,212.9 1,964.4 428.8 21.8% -0.3% 3.2x 14.5x

CoreLogic, Inc. United States 36.83 -15% 3,180.9 4,703.5 1,868.5 390.0 20.9% 26.0% 2.5x 12.1x

CoStar Group, Inc. * United States 188.49 -16% 6,143.5 5,957.8 812.3 206.5 25.4% 20.4% 7.3x 28.9x

DST Systems, Inc. United States 107.15 -17% 3,427.7 3,696.9 2,892.2 426.1 14.7% 60.9% 1.3x 8.7x

The Dun & Bradstreet Corporation United States 121.32 -14% 4,462.6 5,754.8 1,685.9 424.5 25.2% 5.2% 3.4x 13.6x

Envestnet, Inc. * United States 35.25 -15% 1,517.6 1,758.2 541.1 46.9 8.7% 35.5% 3.2x 37.5x

Equifax Inc. United States 118.23 -14% 14,159.4 16,932.2 3,010.1 1,035.9 34.4% 14.8% 5.6x 16.3x

Experian plc Ireland 19.43 -2% 18,106.4 21,117.0 4,607.0 1,401.0 30.4% -0.5% 4.6x 15.1x

FactSet Research Systems Inc. United States 163.43 -11% 6,488.2 6,658.9 1,144.7 402.2 35.1% 10.6% 5.8x 16.6x

Fair Isaac Corporation United States 119.22 -10% 3,688.7 4,183.8 881.4 201.2 22.8% 5.1% 4.7x 20.8x

Fidelity National Information Services, Inc. United States 75.64 -7% 24,827.3 35,010.3 8,669.2 2,199.2 25.4% 35.2% 4.0x 15.9x

Financial Engines, Inc. * United States 36.75 -8% 2,275.2 2,156.3 389.4 69.5 17.9% 27.5% 5.5x 31.0x

Moody's Corporation United States 94.27 -15% 18,024.4 19,591.2 3,528.0 1,579.7 44.8% 0.9% 5.6x 12.4x

Morningstar, Inc. United States 73.56 -18% 3,167.4 2,962.6 788.0 249.6 31.7% 0.6% 3.8x 11.9x

MSCI Inc. United States 78.78 -13% 7,415.1 8,515.5 1,130.8 549.4 48.6% 7.4% 7.5x 15.5x

Reis, Inc. United States 22.25 -16% 251.5 226.3 50.2 13.3 26.5% 5.8% 4.5x 17.0x

SEI Investments Co. United States 49.36 -6% 7,897.5 7,274.4 1,368.1 385.7 28.2% 3.5% 5.3x 18.9x

Thomson Reuters Corporation United States 43.75 -2% 31,898.9 40,695.2 12,145.0 2,560.0 21.1% 4.9% 3.4x 15.9x

Verisk Analytics, Inc. United States 81.17 -6% 13,592.0 15,710.1 2,273.8 1,033.2 45.4% 30.1% 6.9x 15.2x

Workiva Inc. United States 13.65 -28% 562.6 530.3 172.2 (44.0) NM 27.0% 3.1x NM

Adjusted Weighted Average 4.7x 15.2x

Financial & Credit/Risk Management Information

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.6x)

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33 | M&A and Investment Summary December 2016

Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Acxiom Corporation United States $26.80 -3% $ 2,079.6 $ 2,078.9 $ 877.9 $ 86.8 9.9% 7.3% 2.4x 24.0x

Alliance Data Systems Corporation United States 228.50 -17% 13,198.0 31,036.8 7,059.3 1,671.4 23.7% 14.3% 4.4x 18.6x

Brainjuicer Group Plc United Kingdom 6.79 -1% 83.0 76.6 35.4 7.3 20.7% 6.2% 2.2x 10.4x

Cello Group Plc United Kingdom 1.27 -10% 110.8 116.7 214.2 8.2 3.8% -4.4% 0.5x 14.3x

comScore, Inc. United States 31.58 -27% 1,805.6 1,691.7 368.8 37.1 10.1% 12.1% 4.6x 45.5x

Ebiquity plc * United Kingdom 1.20 -32% 87.9 123.7 95.8 0.7 0.8% 0.0% 1.3x 166.4x

GfK SE Germany 45.80 -1% 1,671.8 2,013.0 1,688.1 55.6 3.3% -1.0% 1.2x 36.2x

Harte Hanks, Inc. United States 1.51 -60% 93.0 147.3 462.3 12.8 2.8% -2.4% 0.3x 11.5x

InnerWorkings, Inc. United States 9.85 -2% 529.7 642.6 1,090.6 41.9 3.8% 8.4% 0.6x 15.3x

Intage Holdings Inc. Japan 16.95 -1% 338.5 282.7 460.0 55.3 12.0% 3.7% 0.6x 5.1x

Ipsos SA France 31.51 -1% 1,313.2 1,872.6 1,983.4 230.4 11.6% 2.3% 0.9x 8.1x

NeuStar, Inc. United States 33.40 0% 1,829.0 2,695.6 1,165.1 420.1 36.1% 14.0% 2.3x 6.4x

Nielsen Holdings plc United States 41.95 -25% 14,994.2 22,706.2 6,277.0 1,559.0 24.8% 1.6% 3.6x 14.6x

Onvia, Inc. United States 4.45 -15% 31.7 24.1 24.2 0.7 2.9% 3.6% 1.0x 34.3x

Pearson plc United Kingdom 10.11 -17% 8,240.6 10,251.9 5,765.8 817.6 14.2% -3.4% 1.8x 12.5x

YouGov plc United Kingdom 3.09 -5% 322.0 302.8 117.1 11.2 9.6% 15.9% 2.6x 26.9x

Adjusted Weighted Average 3.2x 17.3x

($ in Millions, except stock price data)

Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Centaur Media plc United Kingdom $0.53 -38% $ 76.5 $ 93.9 $ 97.8 $ 11.7 12.0% 10.8% 1.0x 8.0x

CEB Inc. United States 60.60 -11% 1,953.0 2,703.5 938.6 194.0 20.7% 1.4% 2.9x 13.9x

Cogint, Inc. United States 3.45 -53% 183.6 223.1 143.5 (47.9) NM 0.0% 1.6x NM

Forrester Research Inc. United States 42.95 -3% 782.5 649.2 323.6 35.6 11.0% 3.3% 2.0x 18.2x

Gartner, Inc. * United States 101.07 -4% 8,349.4 8,635.0 2,385.1 395.0 16.6% 13.4% 3.6x 21.9x

IHS Markit Ltd. * United Kingdom 35.41 -6% 14,731.4 17,874.4 2,416.7 638.9 26.4% 17.3% 7.4x 28.0x

Informa plc United Kingdom 8.40 -10% 6,913.6 8,219.1 1,650.0 511.7 31.0% 4.6% 5.0x 16.1x

National Research Corporation United States 41.67 -10% 544.7 519.8 107.4 34.2 31.9% 6.2% 4.8x 15.2x

NIC Inc. United States 23.90 -8% 1,576.9 1,425.5 310.7 80.8 26.0% 8.2% 4.6x 17.6x

Premier, Inc. United States 30.36 -18% 1,520.6 1,383.7 1,205.0 375.5 31.2% 14.9% 1.1x 3.7x

Proofpoint, Inc. * United States 70.65 -20% 3,002.1 2,951.1 343.6 (52.7) NM 39.3% 8.6x NM

Reed Elsevier plc(1) United Kingdom 17.89 -4% 37,499.7 43,233.6 8,327.6 2,484.7 29.8% 6.3% 5.2x 17.4x

Tarsus Group plc Ireland 3.50 -1% 393.2 465.1 106.2 36.2 34.1% 40.7% 4.4x 12.8x

TechTarget, Inc. United States 8.53 -8% 237.3 244.8 109.4 14.5 13.2% -3.3% 2.2x 16.9x

The Advisory Board Company United States 33.25 -32% 1,334.9 1,845.1 804.5 116.4 14.5% 12.8% 2.3x 15.9x

UBM plc United Kingdom 9.03 -2% 3,554.2 3,636.5 1,061.0 285.0 26.9% 47.4% 3.4x 12.8x

Wolters Kluwer N.V. Netherlands 36.33 -10% 10,414.8 12,366.7 4,703.2 1,251.6 26.6% 7.0% 2.6x 9.9x

Adjusted Weighted Average 4.8x 15.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (66.8x)

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)

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34 | M&A and Investment Summary December 2016

Business Services

The Business Services segment reported 39 transactions in December worth nearly $1.3 billion in value

The IT Consulting/Systems Integration subsegment accounted for 56 percent of segments total activity with 22 transactions

Select Transactions:

• The 25.7 percent stake taken by Atairos Group in human resources outsourcing company TriNet Group from General Atlantic in a

transaction valuing the company at more than $2 billion

• H.I.G. Capital’s pending take-private of marketing and translation services provider Lionbridge Technologies valuing the company at

$412 million

• The $135 million round of funding received by Amazon Web Services Partner LogicWorks from Pamplona Capital Management

• Information Services Group’s acquisition of digital transformation and advisory services company Alsbridge for $74 million

• The $46 million acquisition of engineering and design consulting company Houston Interests

# % $MM % # $MM # $MM # $MM

IT Consulting/Systems Integration 22 56% $684.3 53% 18 $111.5 2 $435.3 2 $137.5

Healthcare Consulting 4 10% 96.0 7% 1 - 1 - 2 96.0

HR Consulting 3 8% - 0% 3 - 0 - 0 -

Engineering Consulting 2 5% 58.6 5% 1 46.0 0 - 1 12.6

Financial Consulting 2 5% - 0% 2 - 0 - 0 -

Printing Services 2 5% - 0% 0 - 0 - 2 -

BPO 1 3% 442.0 34% 0 - 1 442.0 0 -

Other* 3 8% 1.2 0% 1 0.0 0 0.0 2 1.2

Total 39 100% 1,282.1 100% 26 157.5 4 877.3 9 247.3

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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35 | M&A and Investment Summary December 2016

Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Accenture plc Ireland 117.13 -7% $ 64,191.5 $ 60,756.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 1.8x 10.7x

CRA International, Inc. United States 36.60 -2% 302.8 278.3 317.7 25.1 7.9% 2.6% 0.9x 11.1x

FTI Consulting, Inc. United States 45.08 -4% 1,875.2 2,120.3 1,810.7 202.1 11.2% 2.8% 1.2x 10.5x

Information Services Group, Inc. United States 3.64 -16% 130.3 171.0 216.1 15.9 7.4% 3.6% 0.8x 10.7x

Navigant Consulting, Inc. United States 26.18 -6% 1,232.1 1,386.3 911.1 138.0 15.2% 10.9% 1.5x 10.0x

ICF International, Inc. United States 55.20 -7% 1,046.5 1,318.0 1,176.3 110.0 9.3% 4.3% 1.1x 12.0x

Huron Consulting Group Inc. United States 50.65 -22% 1,054.4 1,371.4 733.2 152.6 20.8% 40.1% 1.9x 9.0x

The Hackett Group, Inc. * United States 17.66 -4% 504.3 502.5 257.2 36.3 14.1% 12.4% 2.0x 13.9x

Adjusted Weighted Average 1.4x 10.4x

($ in Millions, except stock price data)

HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Automatic Data Processing, Inc. United States 102.78 -1% $ 46,371.6 $ 45,561.7 $ 11,870.7 $ 2,648.8 22.3% 7.1% 3.8x 17.2x

Barrett Business Services, Inc. United States 64.10 -4% 464.3 441.2 813.2 36.2 4.4% 12.6% 0.5x 12.2x

Capita plc United Kingdom 6.56 -56% 4,362.7 6,999.6 6,618.0 1,008.6 15.2% 8.3% 1.1x 6.9x

DHI Group, Inc. United States 6.25 -35% 311.1 372.4 237.1 51.9 21.9% -9.7% 1.6x 7.2x

Edenred SA France 19.88 -15% 4,607.9 5,883.1 1,100.6 357.6 32.5% -2.0% 5.3x 16.5x

Insperity, Inc. United States 70.95 -14% 1,509.6 1,388.6 2,862.3 115.2 4.0% 12.3% 0.5x 12.0x

Marsh & McLennan Companies, Inc. United States 67.59 -3% 34,849.0 38,300.0 13,185.0 3,066.0 23.3% 3.0% 2.9x 12.5x

Paychex, Inc. United States 60.88 -2% 21,846.4 21,656.5 3,063.4 1,310.5 42.8% 7.8% 7.1x 16.5x

Professional Diversity Network, Inc. United States 10.92 -9% 39.6 40.3 29.2 (3.0) NM -22.9% 1.4x NM

TriNet Group, Inc. United States 25.62 -4% 1,763.4 2,071.0 2,974.9 144.0 4.8% 17.3% 0.7x 14.4x

WageWorks, Inc. * United States 72.50 -4% 2,656.6 2,068.8 346.8 64.5 18.6% 5.2% 6.0x 32.1x

Adjusted Weighted Average 4.1x 15.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.8x)

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36 | M&A and Investment Summary December 2016

Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Accenture plc Ireland 117.13 -7% $ 64,191.5 $ 60,756.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 1.8x 10.7x

Amdocs Limited United States 58.25 -5% 8,550.3 7,654.6 3,718.2 694.9 18.7% 2.0% 2.1x 11.0x

Ausy SA France 57.90 1% 317.8 420.9 483.9 42.0 8.7% 16.7% 0.9x 10.0x

Bechtle AG Germany 104.32 -5% 2,190.7 2,106.7 3,366.4 183.3 5.4% 8.3% 0.6x 11.5x

Booz Allen Hamilton Holding Corporation United States 36.07 -6% 5,392.2 6,648.1 5,549.6 520.2 9.4% 4.3% 1.2x 12.8x

Broadridge Financial Solutions, Inc. United States 66.30 -8% 7,894.8 8,793.2 3,197.6 629.0 19.7% 17.0% 2.7x 14.0x

Business & Decision SA * France 7.39 -1% 58.2 88.1 254.3 4.3 1.7% 4.2% 0.3x 20.7x

Cap Gemini S.A. France 84.61 -10% 14,148.9 16,696.2 13,953.0 1,715.8 12.3% 13.4% 1.2x 9.7x

CGI Group Inc. Canada 47.97 -4% 14,400.7 15,413.6 8,139.4 1,383.8 17.0% 3.9% 1.9x 11.1x

Cognizant Technology Solutions Corporation United States 56.03 -12% 33,993.4 30,031.4 13,257.6 2,648.1 20.0% 11.2% 2.3x 11.3x

Computer Sciences Corporation United States 59.42 -15% 8,367.2 10,900.2 7,358.0 922.0 12.5% -0.7% 1.5x 11.8x

CSG Systems International, Inc. United States 48.40 -3% 1,562.4 1,701.6 763.1 168.4 22.1% 1.9% 2.2x 10.1x

Digi International Inc. United States 13.75 -3% 361.9 227.8 203.0 22.1 10.9% -0.4% 1.1x 10.3x

Globant S.A. * Luxembourg 33.35 -29% 1,150.6 1,095.5 307.2 55.6 18.1% 29.4% 3.6x 19.7x

International Business Machines Corporation United States 165.99 -2% 157,832.3 190,496.3 80,208.0 17,539.0 21.9% -4.3% 2.4x 10.9x

Infosys Limited India 14.88 -21% 34,011.3 29,022.7 9,942.0 2,738.0 27.5% 10.2% 2.9x 10.6x

ITS Group France 7.44 -6% 56.9 59.6 212.2 8.1 3.8% 1.7% 0.3x 7.3x

NCI, Inc. United States 13.95 -9% 188.8 188.6 329.3 29.2 8.9% 1.8% 0.6x 6.5x

NTT Data Corporation Japan 48.39 -10% 13,574.5 14,246.8 16,305.1 2,604.8 16.0% 5.9% 0.9x 5.5x

Perficient, Inc. United States 17.49 -23% 630.6 648.4 481.9 54.6 11.3% 7.0% 1.3x 11.9x

Reply S.p.A. Italy 124.56 -13% 1,164.9 1,141.2 846.5 109.8 13.0% 11.4% 1.3x 10.4x

SQLi France 44.02 0% 162.7 165.7 205.9 14.9 7.2% 7.3% 0.8x 11.1x

Tata Consultancy Services Limited * India 34.83 -14% 68,632.1 63,944.3 17,173.6 4,730.2 27.5% 12.7% 3.7x 13.5x

Wipro Ltd. India 6.98 -22% 17,146.9 14,405.5 8,084.9 1,620.1 20.0% 10.2% 1.8x 8.9x

Adjusted Weighted Average 2.1x 11.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)

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37 | M&A and Investment Summary December 2016

Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

AMREP Corporation United States $7.42 -9% $ 59.9 $ 51.7 $ 43.0 $ (1.8) NM -2.0% 1.2x NM

Cenveo, Inc. United States 6.99 -33% 59.8 1,099.0 1,721.7 143.4 8.3% 0.3% 0.6x 7.7x

Communisis plc United Kingdom 0.54 -12% 112.1 144.1 471.4 33.1 7.0% 1.8% 0.3x 4.4x

Contax Participações S.A. * Brazil 2.89 -55% 11.9 336.3 877.5 3.0 0.3% 4.0% 0.4x 111.9x

Convergys Corporation United States 24.56 -21% 2,342.3 2,500.7 2,907.4 391.5 13.5% -1.9% 0.9x 6.4x

Elanders AB (publ) Sweden 11.71 -10% 413.4 735.2 592.8 55.1 9.3% 20.6% 1.2x 13.3x

Eniro AB Sweden 0.03 -75% 14.4 203.0 241.2 52.4 21.7% -19.9% 0.8x 3.9x

Exlservice Holdings, Inc. * United States 50.44 -8% 1,690.1 1,521.7 674.6 101.5 15.0% 12.8% 2.3x 15.0x

Firstsource Solutions Limited India 0.56 -30% 376.3 452.4 518.7 66.1 12.7% 14.4% 0.9x 6.8x

Genpact Limited * Bermuda 24.34 -15% 4,886.4 5,333.4 2,535.5 403.7 15.9% 4.9% 2.1x 13.2x

InnerWorkings, Inc. * United States 9.85 -2% 529.7 642.6 1,090.6 41.9 3.8% 8.4% 0.6x 15.3x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 56.20 -27% 1,864.2 1,784.6 715.7 97.4 13.6% 20.7% 2.5x 18.3x

MAXIMUS, Inc. * United States 55.79 -10% 3,614.0 3,717.4 2,403.4 345.3 14.4% 14.5% 1.5x 10.8x

Quad/Graphics, Inc. United States 26.88 -9% 1,372.2 2,540.3 4,525.4 494.1 10.9% -3.9% 0.6x 5.1x

Quintiles IMS Holdings, Inc. * United States 76.05 -7% 18,722.1 20,153.9 4,540.1 848.6 18.7% 6.5% 4.4x 23.7x

R.R. Donnelley & Sons Company United States 16.32 -73% 1,139.1 4,632.2 11,088.1 1,025.8 9.3% -2.7% 0.4x 4.5x

Serco Group plc United Kingdom 1.77 0% 1,925.1 2,103.5 4,064.8 162.9 4.0% -3.9% 0.5x 12.9x

St Ives plc United Kingdom 1.57 -48% 224.7 324.4 488.0 46.0 9.4% 6.7% 0.7x 7.1x

StarTek, Inc. United States 8.45 -8% 133.1 164.0 312.3 16.6 5.3% 18.3% 0.5x 9.9x

SYNNEX Corporation United States 121.02 -5% 4,814.0 5,406.1 13,724.6 473.6 3.5% 0.8% 0.4x 11.4x

Sykes Enterprises, Incorporated United States 28.86 -8% 1,224.5 1,213.2 1,408.2 164.4 11.7% 8.4% 0.9x 7.4x

Teleperformance SE * France 100.60 -3% 5,695.7 6,037.7 3,808.1 518.3 13.6% 8.1% 1.6x 11.6x

TeleTech Holdings, Inc. United States 30.50 -5% 1,417.6 1,492.9 1,272.1 155.4 12.2% -0.9% 1.2x 9.6x

Trans Cosmos, Inc. Japan 23.40 -15% 970.6 901.8 2,299.3 119.4 5.2% 9.5% 0.4x 7.6x

Transcontinental Inc. Canada 16.52 -3% 1,271.6 1,518.3 1,507.3 295.1 19.6% 0.9% 1.0x 5.1x

Cimpress N.V. * Netherlands 91.61 -12% 2,899.5 3,734.6 1,856.0 212.1 11.4% 20.8% 2.0x 17.6x

West Corporation * United States 24.76 -4% 2,061.3 5,111.0 2,293.0 648.1 28.3% 0.8% 2.2x 7.9x

Xchanging Solutions Limited * India 0.75 -52% 84.1 68.4 42.2 4.1 9.8% -2.6% 1.6x 16.6x

Adjusted Weighted Average 1.3x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

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38 | M&A and Investment Summary December 2016

PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 2.8x 2.4x 5.8x 1.8x

Internationally-based Digital Media and Internet 3.5x 2.0x 4.8x 1.7x

US-based eCommerce 2.6x 1.8x 3.9x 1.8x

Internationally-based eCommerce 3.0x 1.4x 9.3x 1.6x

US-based Digital Advertising 2.5x 1.6x 7.5x 1.8x

Internationally-based Digital Advertising 3.0x 1.9x 6.6x 1.6x

US-based Marketing Technology 3.2x 3.0x 4.1x 2.7x

Internationally-based Marketing Technology 4.2x 4.4x 4.7x 4.7x

Agency 1.1x 1.4x 1.7x 1.7x

Marketing Services 1.7x 1.6x 2.9x 2.6x

Traditional Media 2.6x 2.3x 3.6x 3.0x

Software 4.5x 4.0x 4.2x 4.1x

Information 3.9x 3.6x 5.5x 5.5x

Business Services 1.3x 0.9x 2.4x 1.8x

deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 12/30/16

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard

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39 | M&A and Investment Summary December 2016

PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 12.9x 12.8x 14.0x 11.1x

Internationally-based Digital Media and Internet 14.7x 10.9x 17.9x 10.3x

US-based eCommerce 16.3x 14.8x 17.0x 12.3x

Internationally-based eCommerce 19.3x 14.5x 27.0x 11.0x

US-based Digital Advertising 26.3x 15.6x 20.8x 11.2x

Internationally-based Digital Advertising 11.3x 10.0x 11.7x 10.2x

US-based Marketing Technology 29.7x 17.6x 20.4x 12.6x

Internationally-based Marketing Technology 23.5x 16.5x 16.5x 17.0x

Agency 9.8x 9.6x 10.8x 9.6x

Marketing Services 11.6x 9.4x 14.1x 12.4x

Traditional Media 12.9x 9.9x 12.1x 12.0x

Software 29.2x 16.7x 17.5x 13.0x

Information 21.9x 15.9x 21.5x 21.7x

Business Services 12.4x 10.6x 12.5x 12.4x

deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 12/30/16

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard

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40 | M&A and Investment Summary December 2016

Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 11/30/2016

LTM Index Performance • S&P 500 – 11.4 % • Digital Media/Commerce – 8.9 %

• Traditional Media – 9.1 %

LTM Index Performance • S&P 500 – 11.4 %

• Marketing Technology – 10.1 %

LTM Index Performance • S&P 500 – 11.4 % • Digital Advertising – 5.3 %

LTM Index Performance • S&P 500 – 11.4 %

• Agency – 1.8 %

• Marketing Services – (0.5 %)

Digital Media/Commerce and Traditional Media

Software

Marketing Technology

LTM Index Performance • S&P 500 – 11.4 %

• Software – 4.4 %

Agency & Marketing Services

Information & Business Services LTM Index Performance • S&P 500 – 11.4 %

• Information – 7.7 %

• Business Services – 10.3 %

80%

95%

110%

125%

140%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce

80%

90%

100%

110%

120%

130%

140%

150%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

Agency Marketing Services S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

Information Business Services S&P 500 Index (^SPX)

v

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41 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Deltek, Inc. Software Roper Technologies , Inc. 2,800.0$ Host Europe Holdings Ltd. Marketing Technology GoDaddy 1,808.1 Intra l inks Holdings Software Synchronoss Technologies , Inc. 854.5 3M's Document Reader & Secure Materia ls Bus inesses Assets Software Gemalto NV 850.0 Kabam, Inc. Digi ta l Media/Commerce Netmarble Games Corporation 750.0 Mai l .Ru Digi ta l Media/Commerce MegaFon 640.0 Automic Software GmbH Software CA Technologies 636.0 oOh!media Group Limited Traditional Media APN Outdoor Pty. Limited 633.1 Strato AG Marketing Technology United Internet AG 623.9 Gracenote, Inc. Marketing Technology Nielsen Holdings B.V. 560.0 Al lworld Exhibi tions Al l iance Ltd. Traditional Media UBM plc 485.0 Immediate Media Company Limited Traditional Media Hubert Burda Media 322.3 hungryhouse.com l imited Digi ta l Media/Commerce Just-Eat plc 304.9 National Pen Company Agency & Marketing Services Cimpress N.V. 218.0 ISCS, Inc. Software Guidewire Software, Inc. 160.0 Beel ine.com, Inc. Software IQNavigator, Inc. 130.0 SkipTheDishes Digi ta l Media/Commerce Just-Eat plc 82.1 Alsbridge, Inc. Bus iness Services Information Services Group, Inc. 76.8 Connect Meetings LLC Traditional Media Tarsus Group plc. 68.3 Vermi l ion Software, Inc. Software FactSet Research Systems, Inc. 67.0 Revitas , Inc. Software Model N, Inc. 60.0 Sports New Media (GiveMeSport) Digi ta l Media/Commerce Breaking Data Corporation 58.9 Datamyne, Inc. Information The Descartes Systems Group, Inc. 52.7 Houston Interests LLC Bus iness Services Matrix Service Company 46.0 HexaTier Ltd. Software Huawei Technologies Ltd. 42.0 Perk.com, Inc. Agency & Marketing Services RhythmOne 42.0 6PM plc Software Idox, Plc. 37.7 Fracta l Ink Des ign Studio Private Limited Agency & Marketing Services Dentsu Aegis Network, Inc. 36.9 Cimagine Media Marketing Technology Snap, Inc. 30.0 Al l inea Software Ltd. Software ARM Holdings plc 22.4 Product Hunt Digi ta l Media/Commerce AngelLis t LLC 20.0 YDC Corporation Bus iness Services Future PLC 17.8 Conveyancing Al l iance Limited Software ULS Technology plc 16.6 Radiate Media, Inc. Marketing Technology Global Traffic Network, Inc. 15.0 Kameleon Worldwide Limited Agency & Marketing Services Be Heard Group plc 12.6 One Kings Lane, Inc. Digi ta l Media/Commerce Bed Bath & Beyond, Inc. 11.8 Cas inoUK Digi ta l Advertis ing Catena Media 11.3 Cornerstone Advisors Group Bus iness Services 8K Mi les Software Services Ltd. 10.3 Bigdatapump Oy Bus iness Services Affecto Plc 6.7 Taba Software AT Technology Co., Ltd. 5.4 Crave & Lamb Agency & Marketing Services Ve Interactive Ltd. 3.8 Car.com, Inc., Automotive Specia l ty Finance Leads Bus iness Assets Digi ta l Advertis ing Internet Brands , Inc. 3.2

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42 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicUndisclosed

ad xmedia Agency & Marketing Services DAC Group, Inc. -$

Code Computerlove Ltd. Agency & Marketing Services WPP Group -

Exco InTouch Agency & Marketing Services eResearchTechnology, Inc. -

Martis Consulting Sp. z o.o. Agency & Marketing Services SEC S.p.A. -

Mi lk Lab Des ign Studio Agency & Marketing Services XTM, Inc. -

Myriad Marketing Agency & Marketing Services MMGY Global -

MyStudioFactory Agency & Marketing Services Webhelp Groupe -

New Channel Direct Agency & Marketing Services Angstrom Graphics , Inc. -

North Strategic, Inc. Agency & Marketing Services Publ icis Groupe S.A. -

Paramore Digi ta l LLC Agency & Marketing Services Osborn & Barr -

Red Fish Media LLC Agency & Marketing Services Vibes Media -

S&E Sponsorship Group Inc. Agency & Marketing Services Dentsu Aegis Network, Inc. -

Sentient Interactive LLC Agency & Marketing Services W2O Group -

ShopLocal LLC Agency & Marketing Services Liquidus Marketing, Inc. -

Southern Audio Visual , Inc. Agency & Marketing Services PSAV, Inc. -

Tank.ca Agency & Marketing Services WPP Group -

The Encima Group, Inc. Agency & Marketing Services Indegene Li fesystems Pvt. Ltd. -

Tiny Hearts Limited Agency & Marketing Services Shopify Inc. -

Trisect Agency & Marketing Services Match Marketing Group -

Yes , Inc. Agency & Marketing Services Twitter, Inc. -

5xRuby Co., Ltd. Bus iness Services Shopmatic Pte. Ltd. -

Admo.net LLC Bus iness Services Contegix LLC -

Al l In Media Limited Bus iness Services DTS, Inc. -

CloudSocius Bus iness Services 4C Consulting -

Computer Sciences Corp., Ita ly-based Consulting & Systems Bus iness Services PAX Technology Ltd. -

Consol idated Communications IT Services & Integration Bus iness Bus iness Services ePlus , Inc. -

Corporate IT Solutions , Inc. Bus iness Services M/C Partners -

Cumming Corporation Bus iness Services Tai lwind Capita l Group, LLC -

Des igning Benefi ts , Inc. Bus iness Services OneDigi ta l Health and Benefi ts -

Edaptive Systems LLC Bus iness Services ManTech International Corporation -

Endeavor Insurance Services , Inc. Bus iness Services The Hi lb Group LLC -

Fabian Wealth Strategies , Inc. Bus iness Services Mercer Advisors , Inc. -

Guidant Partners LLC Bus iness Services TekLinks -

Jordan Group Bus iness Services Vis tra Holdings S.à r.l -

LShi ft Limited Bus iness Services Ol iver Wyman Group -

Mokriya, Inc. Bus iness Services Nagarro, Inc. -

Pivot Point Consulting LLC Bus iness Services Vaco, LLC -

Pres idio Benefi ts Group Bus iness Services Marsh & McLennan Agency LLC -

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43 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicUndisclosed

Thrive Network, Inc. Bus iness Services M/C Partners -$

WDEV Bus iness Services Ebix, Inc. -

WP Curve Bus iness Services GoDaddy -

CruiseNow.com Digita l Advertis ing WMPH Vacations , Inc. -

LoyalTree Digi ta l Advertis ing Sess ionM, Inc. -

MaCarteCadeau.com Digita l Advertis ing Ifeelgoods -

R-Advertis ing.com Digita l Advertis ing TradeDoubler, Ltd. - Touchfone Technologies Pvt. Ltd. Digi ta l Advertis ing ScoopWhoop Media Pvt. Ltd. - 17 Media Digi ta l Media/Commerce Paktor Pte. Ltd. - Beepi Digi ta l Media/Commerce Fair.com - Boomlagoon Ltd. Digi ta l Media/Commerce Wargaming.net. LLP - Bra inbow Limited Digi ta l Media/Commerce Lagardere SCA - CinePapaya Digi ta l Media/Commerce Fandango, Inc. - Cri tica l Hit Software LLC Digi ta l Media/Commerce Mobi l i tyWare, Inc. - Eight Pixels Square Digi ta l Media/Commerce Outplay Enterta inment Ltd. - Foodpanda GmbH Digi ta l Media/Commerce Del ivery Hero Holding GmbH - Frui trouge.com Digita l Media/Commerce Infinie Pass ion SAS - iRule LLC Digi ta l Media/Commerce Kramer Electronics Ltd. - Jagonal Pty Limited Digi ta l Media/Commerce Equiem Pty Ltd. - Kingr Digi ta l Media/Commerce Wixty Technologies , Inc. - Minutebuzz SAS Digi ta l Media/Commerce TF1 Group - MyPocket LLC Digi ta l Media/Commerce Tinkoff Bank AO - PayByPhone Technologies , Inc. Digi ta l Media/Commerce Volkswagen AG - Pla in Vani l la Corporation Digi ta l Media/Commerce Glu Mobi le, Inc. - Pl ix Digi ta l Media/Commerce Onl ineTyari - Radio Today Pty. Ltd. Digi ta l Media/Commerce Jaden Socia l Pty. Ltd. - Sanook.com Digita l Media/Commerce Tencent Holdings Ltd. - Spin, Vibe, Death & Taxes and Stereogum Assets Digi ta l Media/Commerce Hol lywood Reporter - SpinMedia, Celebuzz, The Frisky, and The Superficia l Digi ta l Media/Commerce CPXi Interactive - The Vine Digi ta l Media/Commerce Junkee Media Pty. Ltd. - TruckingIndustry.news Digi ta l Media/Commerce TruckingUnl imited.com - UrMajesty Digi ta l Media/Commerce Freshboxx Services Private Limited - Placemeter, Inc. Information NETGEAR, Inc. - The Channel Company Information Stone-Goff Partners - Abakus , Inc. Marketing Technology SAP SE - AM:PM Hotels Ltd. Marketing Technology STR, Inc. - Annik Technology Services Pvt. Ltd. Marketing Technology LiquidHub, Inc. - Counter Intel l igence Retai l Ltd. Marketing Technology The NPD Group, Inc. - Facel i ft brand bui lding technologies GmbH Marketing Technology DuMont Media Group - Fl i te, Inc. Marketing Technology Snap, Inc. - Gimbal , Inc. Marketing Technology The Mobi le Majori ty -

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44 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicUndisclosed

IKO System SA Marketing Technology Sidetrade SA -$ Twin Prime, Inc. Marketing Technology Sales force.com - VisualDNA Marketing Technology Nielsen Holdings B.V. - World Cup of Sa les Corporation Marketing Technology DreamFu Ventures LLC - Abri tas Ltd. Software Civica Group Ltd. - AFJC Corporation Software Credit Karma, Inc. - Agra Corporation Software Mamezou Holdings Co., Ltd. - AppFormix, Inc. Software Juniper Networks , Inc. - Cronologics Corporation Software Google, Inc. - Cyberfend, Inc. Software Akamai Technologies , Inc. - Dasheroo Inc. Software FreshLime Inc. - Decis ion Toolbox, Inc. Software Engage2Excel , Inc. - DeepField Software Nokia Corporation - Driven, Inc. Software Xplenty Ltd. - Eager Platform Co. Software CloudFlare - Enl ightiks Bus iness Solutions Pvt. Ltd. Software Practo Technologies Pvt. Ltd. - Enomina, S.L. Software Raet B.V. - Eventick Software Sympla - Geometric Intel l igence, Inc. Software Uber, Inc. - HPE OpenStack & Cloud Factory Assets Software Suse Linux GmbH - InAuth, Inc. Software American Express Company - Indoor.io Software Apple Inc. - Infini t International , Inc. Software Docker, Inc. - MaximTrak Technologies , Inc. Software RouteOne LLC - MediAngels Software 1MG Technologies Pvt. Ltd. - Mobi leGuard, Inc. Software Smarsh, Inc. - Navport, Inc. Software RS Energy Group - Netlex s rl Software TeamSystem Group - Onl ine Banking Solutions , Inc. Software Fiserv, Inc. - PLUMgrid, Inc. Software VMware, Inc. - Si rota Consulting LLC Software Marsh & McLennan Companies , Inc. - Standardware, Inc. Software Compuware Corporation - Succeed Management Solutions LLC Software KPA, LLC - Systema Software LLC Software Insuri ty, Inc. - TestObject GmbH Software Sauce Labs , Inc. - Thomsons Onl ine Benefi ts Software Marsh & McLennan Companies , Inc. - Usabi l i tyTools Software Pos itionly, Inc. - Veris Group LLC Software Coal fi re Systems, Inc. - Vi riphi Software Wuzzuf LLC - Zementis , Inc. Software Software AG - Ad Save Publ ications Traditional Media Direct Response Media Group - Branded Enterta inment Network Traditional Media Si lverHub Media Limited -

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45 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicUndisclosed

Dealernews Traditional Media DN 2.0 LLC -$ Escape Events Limited Traditional Media Upper Street Events Ltd. - Forest Machine Journal Ltd. Traditional Media Newsquest Media Group Ltd. - Health Media Network Traditional Media El i te Sampl ing and Media Group - Secret Sounds Group Pty Ltd. Traditional Media Live Nation Enterta inment, Inc. - Sky News Austra l ia Traditional Media News Corp Austra l ia - The Durham Herald Company Traditional Media The McClatchy Company - Top Media Holdings S.A. Traditional Media JCDecaux S.A. -

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46 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

NeuStar, Inc. Marketing Technology Golden Gate Capita l 2,870.6$ Optiv Securi ty, Inc. Software Kohlberg Kravis Roberts & Company L.P. 1,850.0 TriNet Group, Inc. Bus iness Services Ata iros Group, Inc. 442.0 Lionbridge Technologies , Inc. Bus iness Services H.I.G. Capita l LLC 435.3 Mitel Mobi l i ty Marketing Technology Siris Capita l Group 385.0 Hemnet Service HNS AB Digi ta l Media/Commerce General Atlantic, LLC 213.5 AtHome Group and Casa.i t Digi ta l Advertis ing Oakley Capita l Investments , Ltd. 189.7 Daypoets Co., Ltd. Traditional Media Polaris Capitol Limited 12.2

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

Epic Health Services , Inc. Bus iness Services Bain Capita l , LLC -$ Sonoma Consulting Bus iness Services Highlands Ventures - Apple Leisure Group Digi ta l Media/Commerce KSL Capita l Partners , LLC - Purchas ing Power Digi ta l Media/Commerce Flexpoint Ford LLC - Argosy Information Leeds Equity Partners , LLC - Bus iness and Legal Resources Information Leeds Equity Partners , LLC - CCMI Information Leeds Equity Partners , LLC - Decis ionHealth Information Leeds Equity Partners , LLC - Madison Logic, Inc. Marketing Technology Clarion Capita l Partners , LLC - Edge Technologies , Inc. Software Lotus Innovations Private Equity Fund - Mediware Information Systems, Inc. Software TPG Capita l - Phlexglobal Ltd. Software Vitruvian Partners LLP - WCC Group B.V. Software Avedon Capita l Partners - Kopernikus Technology Group Traditional Media Abris Capita l Partners -

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47 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Koubei Digi ta l Media/Commerce Si lver Lake Partners 1,200.0$ Babytree Digi ta l Media/Commerce Fosun Venture Capita l Investment 437.0 Bona Fi lm Group Limited Traditional Media Al ibaba Group Holding Ltd. 360.0 Careem Networks FZ LLC Digi ta l Media/Commerce Rakuten, Inc. 350.0 Opendoor Digi ta l Media/Commerce New Enterprise Associates 210.0 Symphony Communication Services LLC Software Temasek Holdings (Pte) Limited 200.0 LogicWorks Bus iness Services Pamplona Capita l Management LLP 135.0 Huochebang Digi ta l Media/Commerce International Finance Corporation 115.0 Podotree, Inc. Digi ta l Media/Commerce Anchor Equity Partners 107.0 JetSmarter, Inc. Digi ta l Media/Commerce KZ Capita l 105.0 YeahMobi Information Technology Co., Ltd. Digi ta l Advertis ing Shenzhen Private Equity 100.0 Crossover Health, Inc. Bus iness Services Gurnet Point Capita l 92.0 Hel loFresh Digi ta l Media/Commerce Bai l l ie Gi fford & Company 88.3 ThePaper.cn Digi ta l Media/Commerce Undisclosed 88.0 Nubank Marketing Technology Sequoia Capita l 80.0 Da l ing Digi ta l Media/Commerce IDG Capita l Partners 71.9 Hopper, Inc. Digi ta l Media/Commerce CDPQ 61.4 Rent the Runway Digi ta l Media/Commerce FMR LLC 60.0 Memebox Corporation Digi ta l Media/Commerce Goodwater Capita l 60.0 Databricks , Inc. Software New Enterprise Associates 60.0 Datrium, Inc. Software New Enterprise Associates 55.0 Juhe.cn Software Tahoe Venture Capita l 52.2 Survios , Inc. Digi ta l Media/Commerce Metro-Goldwyn-Mayer, Inc. 50.0 Survios , Inc. Digi ta l Media/Commerce Lux Capita l 50.0 Li fe On Air, Inc. Digi ta l Media/Commerce Sequoia Capita l 50.0 Procore Technologies , Inc. Software Iconiq Capita l 50.0 Finici ty, Inc. Software Experian plc 42.0 SnapLogic, Inc. Software Andreessen Horowitz 40.0 Breather Digi ta l Media/Commerce Menlo Ventures 40.0 Amagi Media Labs Marketing Technology Emerald Media 35.0 Tripping International , Inc. Digi ta l Advertis ing Princevi l le Global 35.0 Convers ica LLC Marketing Technology Providence Equity Partners , Inc. 34.0 Lemonade, Inc. Digi ta l Media/Commerce Sequoia Capita l 34.0 EcoVadis SAS Information Partech Ventures 31.6 PatientPing, Inc. Software Andreessen Horowitz 31.6 Managed by Q, Inc. Digi ta l Media/Commerce Undisclosed 30.5 Optoro Software Kleiner Perkins Caufield & Byers 30.0 Excla imer Limited Marketing Technology Living Bridge EP LLP 29.3 Next Enterta inment (Hong Kong) Limited Digi ta l Media/Commerce Mayfield Fund 25.0 Personal Capita l Corporation Software IGM Financia l 25.0 StashInvest Digi ta l Media/Commerce Valar Ventures LP 25.0 Inkl ing Systems, Inc. Software Sequoia Capita l 25.0

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48 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Dynamic Signal Software Microsoft Ventures 25.0$ KeyMe, Inc. Digi ta l Media/Commerce Providence Equity Partners , Inc. 25.0 Gloss ier Digi ta l Media/Commerce Index Ventures 24.0 Molotov SA Digi ta l Media/Commerce Idinvest Partners 23.3 Iterable, Inc. Marketing Technology Index Ventures 23.0 MoneyLion, Inc. Digi ta l Media/Commerce Edison Partners 22.5 Hsuanzhang.com Software IDG Capita l Partners 22.0 Dynamic Yield Ltd. Marketing Technology Bessemer Venture Partners 22.0 Appetize LLC Software Shamrock Capita l Advisors , Inc. 20.0 Luminance AI Software Tal is Equity LLC 20.0 One, Inc. Software AXA Strategic Ventures 20.0 Pendo, Inc. Marketing Technology Battery Ventures 20.0 Swap.com, Inc. Digi ta l Media/Commerce eEquity AB 20.0 Accompany, Inc. Digi ta l Media/Commerce Ignition Partners LLC 20.0 Appier Marketing Technology Pavi l ion Capita l 19.5 Amino Apps Digi ta l Media/Commerce Union Square Ventures 19.0 ObservePoint, Inc. Marketing Technology Mercato Partners 19.0 Axoni Software Andreessen Horowitz 18.0 HyperScience, Inc. Software Fel icis Ventures 18.0 Cota, Inc. Information Boston Mi l lennia Partners 18.0 Movinga GmbH Digi ta l Media/Commerce Earlybird Venture Capita l GmgH & Co. KG 18.0 Vida Health, Inc. Digi ta l Media/Commerce Canvas Venture Fund 18.0 New Form Productions LLC Traditional Media Discovery Communications LLC 18.0 Nasuni Corporation Software Sigma Prime Ventures 17.5 Wusong Network Technology (Bei jing) Co., Ltd. Software China Growth Capita l 17.4 Thanx, Inc. Marketing Technology Sequoia Capita l 17.1 MedNet Solutions , Inc. Software Arrowroot Capita l 16.5 World of Books Ltd. Digi ta l Media/Commerce Bridges Ventures 16.4 IguanaFix S. de RL de CV Digi ta l Media/Commerce Temasek Holdings (Pte) Limited 16.0 Tacti le, Inc. Marketing Technology Accel Partners 15.0 Kenna Securi ty, Inc. Software PeakSpan Capita l , LLC 15.0 Qstream, Inc. Marketing Technology Polaris Partners 15.0 Nutmeg Software Taipei Fubon Bank 14.7 Plutora, Inc. Software Macquarie Capita l 13.4 BoatSetter, Inc. Digi ta l Media/Commerce Great Oaks Venture Capita l 13.0 Clear Labs , Inc. Software Khos la Ventures 13.0 Socure, Inc. Software ff Venture Capita l 13.0 RSK Group plc Bus iness Services Bus iness Growth Fund plc 12.6 Opal Labs , Inc. Software Undisclosed 12.0 OfBus iness Digi ta l Media/Commerce Matrix Partners 11.1 Truecal ler Digi ta l Media/Commerce Zenith Venture Capita l 10.9 Kreditech Holding SSL GmbH Information Rakuten, Inc. 10.4

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49 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Shadowfax Technologies Pvt. Ltd. Digi ta l Media/Commerce Eight Roads Ventures 10.0$ LeanData, Inc. Marketing Technology Sapphire Ventures , LLC 10.0 Springbot, Inc. Marketing Technology Harbert Venture Partners 10.0 Secdo Ltd. Software Regulatory DataCorp 10.0 Socia lChorus Marketing Technology Kohlberg Ventures LLC 10.0 Dubsmash Digi ta l Media/Commerce Index Ventures 9.6 EverCompl iant Ltd. Software Arbor Ventures 9.5 Vend Limited Software Square Peg Capita l 8.9 LaunchDarkly Software DFJ Espiri t LLP 8.7 Vestorly, Inc. Marketing Technology Sigma Prime Ventures 8.5 Clavis Ins ight Marketing Technology Draper Espiri t 8.3 SEWORKS, Inc. Software SoftBank Capita l 8.2 Curve 1 Limited Software Undisclosed 8.0 Automi le AB Marketing Technology Sales force Ventures 7.5 MultiTaction Oy Software Harbert Venture Partners 7.5 Signal Media Ltd. Marketing Technology Hearst Ventures 7.4 Mei l leursAgents .com Digita l Media/Commerce Piton Capita l 7.4 kapi lendo AG Digi ta l Media/Commerce Comvest Partners 7.3 Zipari , Inc. Marketing Technology Vertica l Ventures LLC 7.0 NoBroker.in Digi ta l Media/Commerce KTB Ventures 7.0 Splash Marketing Technology Lerer Hippeau Ventures 7.0 ReplyYes , Inc. Marketing Technology Undisclosed 6.5 RedShield Securi ty Ltd. Software Sage Technologies Company 6.2 Lookback AB Marketing Technology Index Ventures 6.0 Vidme Digi ta l Media/Commerce New Enterprise Associates 6.0 OwnerIQ, Inc. Digi ta l Advertis ing Undisclosed 6.0 Open-Xchange GmbH Software eCapita l Advisors , LLC 5.2 Traxo, Inc. Marketing Technology TripAdvisor, Inc. 5.2 10i Commerce Services Pvt. Ltd. Marketing Technology (Private Investors ) 5.0 Backtrace I/O, Inc. Software Ampl i fy Partners 5.0 eSub Construction Software Software Revolution Ventures 5.0 Sui teness , Inc. Digi ta l Advertis ing Bul lpen Capita l 5.0 MarvelApp Prototyping Ltd. Software BGF 5.0 Share Rocket, Inc. Marketing Technology Tribune Publ ishing 5.0 Finagraph Financia l Management Marketing Technology Moody's Corporation 5.0 1World Onl ine Marketing Technology Brand Capita l 4.9 Min Doktor Software EQT Ventures 4.8 autoGraph, Inc. Digi ta l Advertis ing Ral ly Capita l 4.7 Lunar Way A/S Digi ta l Media/Commerce SEED Capita l 4.5 Solvvy, Inc. Marketing Technology True Ventures 4.5 Geenee, Inc. Digi ta l Media/Commerce Constantin Media 4.4 G2 Crowd, Inc. Marketing Technology Chicago Ventures 4.3

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50 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Price f(x) AG Marketing Technology Credo Ventures 4.1$ ZEPL Marketing Technology Vertex Venture Capita l 4.1 Xplenty Ltd. Software Bain Capita l Ventures 4.0 Cardlay A/S Software Undisclosed 4.0 iPrice Group Sdn Bhd Digi ta l Advertis ing Venturra Capita l 4.0 Beamr Imaging Ltd. Marketing Technology Verizon Ventures 4.0 LeadGenius Marketing Technology Javel in Venture Partners 4.0 IndiaLends Digi ta l Media/Commerce American Express Ventures 4.0 PlayFab, Inc. Digi ta l Media/Commerce Undisclosed 4.0 dMed Company Limited Bus iness Services Qiming Venture Partners 4.0 Numetric, Inc. Marketing Technology EPIC Ventures 3.8 Preservica Limited Software Mobeus Equity Partners LLP 3.8 Expla in Everything, Inc. Software New Enterprise Associates 3.7 Boom.tv Digi ta l Media/Commerce Firs t Round Capita l 3.5 BidPal , Inc. Software MK Capita l Management LLC 3.5 Sixa , Inc. Digi ta l Media/Commerce Tandem Capita l 3.5 Knowmai l .me Marketing Technology CE Ventures 3.5 Visbi t, Inc. Marketing Technology Presence Capita l 3.2 Solendro.com Digita l Media/Commerce Breega Capita l 3.1 WiserTogether, Inc. Software Undisclosed 3.0 Swimlane LLC Software (Private Investors ) 3.0 Dragonera Ltd. Software SingulariTeam 3.0 OB1 Digi ta l Media/Commerce Andreessen Horowitz 3.0 Healthcare Asset Network LLC Software (Private Investors ) 3.0 Plato Team, Inc. Digi ta l Media/Commerce Undisclosed 3.0 Minimal Technologies , Inc. Marketing Technology SBI Holdings 3.0 Jumpcrew Marketing Technology (Private Investors ) 3.0 s trongDM, Inc. Software True Ventures 3.0 Tygr App Digi ta l Media/Commerce Undisclosed 3.0 VictorOps , Inc. Software Shea Ventures 2.8 Minimal Technologies , Inc. Marketing Technology SMBC VC 2.6 Crate.io Software Vito Ventures 2.6 Newsflare Limited Digi ta l Advertis ing Edge Investments 2.6 Babbler SAS Marketing Technology Undisclosed 2.5 Monstar Lab, Inc. Bus iness Services Resona Capita l 2.5 Bink.com Digita l Media/Commerce Undisclosed 2.5 Al luvium, Inc. Software IA Ventures 2.5 Agi le Stacks , Inc. Software Undisclosed 2.4 SKUPOS, Inc. Software Toba Capita l 2.4 Pep Digi ta l Media/Commerce (Private Investors ) 2.4 Wal larm, Inc. Software Partech Ventures 2.3 Waggle Digi ta l Media/Commerce Raine Ventures 2.3

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51 | M&A and Investment Summary December 2016

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

JetClos ing, Inc. Software Tri logy Equity Partners , LLC 2.3$ GlobalTix Pte. Ltd. Marketing Technology Undisclosed 2.2 ArtFinder Digi ta l Media/Commerce Oxford Capita l Partners Limited 2.2 Pay With Privacy, Inc. Software Index Ventures 2.2 Rewardz Private Limited Software Benefi t One, Inc. 2.1 Spatia l Labs , Inc. Marketing Technology Serra Ventures , LLC 2.1 MeetingPlay Digi ta l Media/Commerce Undisclosed 2.0 Intezer Labs Software Samsung Group 2.0 Maxwel l Financia l Labs , Inc. Software TechStars , LLC 2.0 FHOOSH, Inc. Software Volta Global 2.0 Mariana, Inc. Marketing Technology Exfini ty Technology Fund 2.0 Dashbot, Inc. Marketing Technology Bessemer Venture Partners 2.0 MedShr.net Software (Private Investors ) 1.9 LogicGate, Inc. Marketing Technology Chicago Ventures 1.9 Get Smart Content Marketing Technology Virgo Capita l 1.8 WorkRamp Software Liquid 2 Ventures 1.8 Cl inica l Research IO Information (Private Investors ) 1.6 Leas i fy AB Digi ta l Advertis ing SEB Venture Capita l 1.6 Codementor Digi ta l Media/Commerce WI Harper Group 1.6 BiBoard SAS Marketing Technology Alps Capita l 1.6 Emanate Wireless , Inc. Software (Private Investors ) 1.5 Unearth Technologies , Inc. Software (Private Investors ) 1.5 Latize Pte. Ltd. Software Tembusu Partners 1.5 Qinet Software Undisclosed 1.3 Showtime Analytics Marketing Technology Al ibaba Group Holding Ltd. 1.3 Mychango Bus iness Services SV Investment Partners 1.2 Ad Spray S.r.l . Marketing Technology A11 Venture 1.2 Fabacus Holdings Limited Software (Private Investors ) 1.2 Dekkho Digi ta l Media/Commerce (Private Investors ) 1.2 Mapendo SRL Digi ta l Advertis ing Barcamper Ventures 1.2 Whiterock Group Marketing Technology Maven Capita l 1.1 Interwine Digi ta l Media/Commerce (Private Investors ) 1.1 Jooxter SAS Marketing Technology Newfund Management 1.1 Cl ick & Boat Digi ta l Media/Commerce Olma Privage Equity Fund 1.1 Timing Marketing Technology Terra Venture Partners 1.0 Healthi fyMe Wel lness Products and Services Pvt. Ltd. Digi ta l Media/Commerce NB Ventures 1.0 CookUnity, Inc. Digi ta l Media/Commerce Stel la Maris Partners 1.0 Gamurs Pty. Ltd. Digi ta l Media/Commerce Artes ian Solutions 1.0 Appsumer Ltd. Marketing Technology Galvanize Ventures 1.0

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52 | M&A and Investment Summary December 2016

Petsky Prunier: Maximizing Shareholder Value

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and Profit

Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

business services, and healthcare services industries

Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

Founded in 1999

More than 50 focused professionals; growth of 40% since 2011

New York, Palo Alto, Las Vegas, Chicago, Boston, Charlotte

Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders

Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

Global reach enhanced through our partnerships with investment bank The Mountain Capital Group in China, as well as Allegro

Advisors and o3 Capital in India

Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

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53 | M&A and Investment Summary December 2016

Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2015 2011-2015 (5-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68

2 PwC 17 3 Jordan Edmiston Group 59

4 Jordan Edmiston Group 15 3 Morgan Stanley 59

4 KPMG Corporate Finance 15 5 PwC 52

4 Morgan Stanley 15 6 China Renaissance Partners 47

7 China Renaissance Partners 11 6 Nomura 47

7 Ernst & Young 11 8 GCA Savvian Group 44

9 Avendus Capital 9 9 KPMG Corporate Finance 43

9 Rothschild 9 10 Ernst & Young 38

11 Citi 8 10 JP Morgan 38

11 Credit Suisse 8 12 Jefferies 37

11 Jefferies 8 13 AGC Partners 35

11 William Blair & Company 8 14 Credit Suisse 34

11 Mooreland Partners 8 15 Daiwa Securities 33

Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With more than 60 transactions closed in the last 24 months, and more than 100 transactions closed since 2012 (across all industries in

addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising,

eCommerce, and media industries

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54 | M&A and Investment Summary December 2016

Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NASDAQ: SYKE)

*Approximate Value

*Approximate Value

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to

a portfolio company of

(NYSE: DLX)

has been sold to

a portfolio company of

has been sold to

*Approximate Value

a portfolio company of

has been sold to

a division of

a portfolio company of

has been sold to

has been sold to

$207,000,000*

has been sold to

a portfolio company of

has received a majority investment from

has received a majority investment from has been sold to

a portfolio company of

in partnership with

(NYSE: OMC)

and

comprising Media Properties Holdings

has been sold to

a portfolio company of

has been sold to has acquired

(NASDAQ: CTSH) has acquired

(NASDAQ: ACXM)

from

has been sold to has been sold to

Aperion Management

has been sold to

and

has sold

to

(NYSE: ACN)

has been sold to

a portfolio company of

has received a majority investment from

a portfolio company of

has been sold to

has been sold to

comprised of The Simple Dollar, Reviews.com, and Freshome

a portfolio company of

has been sold to

a division of

has been sold to

a portfolio company of

has been sold to

has been sold to

a subsidiary of

has sold

to to

has sold

has acquired

$200,000,000

(NYSE: DLX)

(NASDAQ: COGT)

has sold

to